To succeed in business, you have to have a product that will be in demand at a solid price, but you also have to make it as simple as possible for someone to pay for it. Many, including public institutions such as HMRC, don’t. That’s a mistake.
Walk out of many tube stations in London, and railway stations around the country, and you will see many entrepreneurs working with a business designed to help them. Some even take credit cards. You may not have guessed but many Big Issue sellers now take cards, as the predominance of cash wanes.
Come out of Holborn station and you will be greeted by the sound of, ‘Yes, I even take credit cards. I also take American Express.’ A timely reminder that by making payment easy, you’re making doing business easier.
Take HMRC for example. They accept all sorts of payment methods but will not accept credit cards. New rules enforced from January this year regarding credit card fees has removed the option.
We’re all willing to pay for a good or service that we want, just as we are with paying our tax, but by making it difficult you make the collection of tax, and doing business, that much more difficult.
In business you should try to make it as easy as possible for your customers, and also for yourself. You can make It easier by engaging with an accountant who likes tax.