Timi is also the host of the Mr MoneyJar Show, a weekly podcast, which hosts financial content creators and brands from across the finance industry.
In light of Talk Money Week, we spoke to Timi Merriman-Johnson, Mr MoneyJar discussing the impact of digital payments on consumers and businesses.
Managing your cash flow is important to keep your business operating effectively. What are some good cash flow habits/ways to increase your cash flow and why is it important to have it under control?
One of the simplest ways to increase your cash flow is to sell repeating products or services. Having clients on a monthly retainer or providing subscription-based services are a great example of this.
Another option is to sell big-ticket items but break down the cost over a period of months. Ultimately, cash flow equals predictability. Knowing how much money you have coming, and when, is essential for business owners.
A Briton now goes 44 days without handling cash. Why is it important for businesses to adapt to consumers' needs and offer various payment solutions?
We can all think of a time when we haven't been able to make a purchase due to not having any cash available. Everything from not being able to use a vending machine, to cursing at the turnstile of a public toilet.
So the reason for businesses to adapt is simple - the more payment options they provide, the more likely every type of consumer will be able to transact with them.
What’s the importance of businesses being able to provide multiple payment methods and currencies for customers?
On the 'multiple payment methods' point, as we touched upon earlier, businesses who can offer choice to customers increase the likelihood that they will be able to transact with them.
This applies to different currency options too. We live in an increasingly globalised society and the currency that someone is choosing to buy something with should no longer stand in the way of their ability to buy something.
What's the best financial advice you have for businesses in the digitising economy?
A thought I have on this is that while the world we are living in is becoming increasingly digital, it is important to not leave behind the sections of society who do not identify as digital natives. Our ultimate aim should be to create more choice, not to leave people behind.
What is the impact of the contactless limit going up to £100?
For people who frequently use bank cards, this will hopefully give them the flexibility to make larger payments more quickly, and I am sure it will probably lead to increased sales for businesses as well.
For people who use mobile payment services the increase in the contactless limit is unlikely to change much. Neither Google nor Apple Pay have a maximum transaction limit.
If you would like to find out the digital payments we offer at Pomelo Pay, get in touch to speak to our team.
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