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Venmo/Cash App Are Changing – Here’s How to Approach Future Payment Methods and Credit Card Fees

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There’s some big news in the world of Venmo, Cash App, Zelle, and more peer-to-peer payment methods. Starting January 1, 2022, any seller of goods or services receiving more than $600 per year will receive a 1099-K and be required to report that income on their taxes. This is a game-changer for small businesses that use those platforms for all kinds of payments. 

Not only will the taxes increase on the business, according to an article covering the update, facility owner workload just increased. Owners/managers will need to print all transaction reports, sort through and distinguish each transaction from the peer-to-peer payment apps, and gather invoices and receipts as supporting documentation for the IRS. 

That is a lot of additional work, right in time for the busy season.

Alternative Payment Methods – Credit Cards (But Without The Crazy Fees) 

With credit card companies forcing facility owners into 2-3 year contracts, constantly changing their rates, and requiring monthly minimums – all topped with horrible customer service that will keep you on the phone for hours – payment methods and processing seem like a hopeless case. 

But here’s our approach… 

CardConnect/CardPointe

eSoft Planner’s partner CardConnect/CardPointe is the fix that facility owners are looking for. 

Here are the benefits our team negotiated for facility owners in need of a new payment method: 

  • 2.75% Flat Rate for Visa, Mastercard, and Discover
  • No Monthly Minimums
  • No Contracts 
  • PCI Compliance Check Ins from eSoft Planner – yearly reminders for facility owners
  • Customer Support through eSoft Planner – no bouncing from person to person, we can answer your questions.

Learn more About eSoft Planner.

eSoft Planner is flexible, affordable, simple, and perfect for small business owners. Request your free demo today to see how we can help you consolidate effort, save time, increase revenue, and grow your business.

Plus, Follow us on Facebook to stay current on industry news and the latest from eSoft Planner.

Customer Purchasing with Online Payments

Accepting Online Payments for Your Sports Facility

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Sports Facility Start-up Tip: Accept Online Payments

You’ve heard it many times on this blog, but we’ll say it again: Cash is king for new businesses. We’ve discussed how requiring upfront payments helps keep more cash on-hand. We’ve also talked about the importance of keeping electronic records. Any efforts you make toward improving cash flow can be essential to your sports facility start-up’s survival.

This week, we want to suggest one more cash-flow-focused idea: accepting online payments. Allowing your customers to pay online goes a long way towards streamlining your processes, saving money, and keeping as much cash on-hand as possible.

eSoft Planner was developed because software that allows clients to self-register, schedule and pay for their memberships online used to be non-existent. We saw the time-savings and convenience as a welcome benefit for staff, coaches, and parents.

However, some of eSoft Planner clients were still hesitant to give all the responsibility for payment to their customers. They didn’t trust their customers to make the payments correctly, or they thought that requiring more in-person interactions would promote a community feeling at their facility.

We always strongly advise them to reconsider, for these reasons:

Online payments reduce administrative costs

If you could cut in-store scheduling and payment in half, how much time would you save? Your front desk staff probably spends hours requesting money from clients and processing their payments. This time could be better used for building rapport with your customers.

The reduction in administrative tasks might also save you money on payroll. Through self-service scheduling, your clients are essentially working for you.

Online payments bring cash in faster

When clients pay online, you get the payments sooner, which gives you more cash to work with. You can deposit electronic payments directly into your account. Luckily, that means there’s no need to visit the bank. Additionally, the money is often deposited days or weeks before the actual service that the client paid for.

Online payments are convenient for customers

Giving clients the opportunity to pay for services outside of regular business hours provides flexibility, and that convenience makes clients more likely to pay without constant reminders from you.

Online payments make accounting easier

Online payments are tracked in real time. Depending on what payment processor you choose, this grants you the flexibility you need in your reporting and helps prevent human error.

If you decide to accept online payments, make sure that your system allows customized prepayment options or the ability to send online invoices. Additionally, eSoft Planner automates these processes with a simple and user-friendly interface. You can’t cut down on administrative costs if clients continually call in asking how to use the software!

If you want to see how eSoft Planner can help your business by accepting online payments, click here and fill out the form to request a free demo.