SYS 047: How to Safely Get Your Staff to Make Online Payments For You

In this episode Steve details how you can get your staff to make online payments within your organization without putting yourself at risk. Steve covers card purchases, PayPal, Amazon, standing orders, BACS payments and paying your overseas staff their wages.   KEY TAKEAWAYS    Do not give your staff a debit card or credit card that is linked to your main account. Set up a prepaid card which is in their name or a company name and provide them with that. There are service providers available that provide payments cards which have small pools of funds attached to them to prevent fraud. These individuals cards balances can be topped up or reduced by you as you see fit. To use Paypal accounts you can then set up an individual account for your employee and then use their limited prepaid card to fund that account. This way the Paypal account has access to the same limited funding provided by the debit card. Amazon offers a service where you can load the account with gift vouchers and then your employee can use that fund to purchase. Be sure to remove your payment details from the account before you pass it back to your staff. BACS payments can often be lengthy and time consuming. You can delegate this task to your staff using banking apps such as HSBC Business or Revolut which allow you to limit the amount of access to, for example, leave the final approval of the transaction to you only. When you have international staff keep your fees to an absolute minimum by using Wise which allows you to transfer anywhere in the world and pays in the employees home currency keeping those costs low. This can be linked to a dedicated bank account for staff wages.  BEST MOMENTS    ‘This how you can give that work to somebody else without risking them rinsing your bank account’ ‘We use FairFX Business, there are loads of others available, that allows me to set up users, as many users as I want and each of those can have a card assigned to them.’ ‘Therefore you can at least sleep soundly at night knowing they don’t have access to your main bank account.’ ‘You limit you liability by limiting the amount that that person can make per BACS payment.’ ‘We were very conscious of the need to pay people in their own currencies. Obviously they want to receive payments in their own currencies so they can go out and spend it without them being charged a fortune.’ VALUABLE RESOURCES Facebook Group: https://www.facebook.com/SystemsAndOutsourcing/  Website: https://systemsandoutsourcing.com/welcome-1  YouTube: https://www.youtube.com/c/drsteveday    The RIGHT Assistants For Your Business by Dr Steve Day  http://bit.ly/sys-10   ABOUT THE HOST Steve used to be a slave to his business but when he moved to Sweden in 2015, he was forced to change the way he worked. He switched to running his businesses remotely and after totally nailing this concept he decided to spend his time helping other small business owners do the same. Steve’s been investing in property since 2002, has a degree in Computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing Methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants. Most business owners are overwhelmed because they don't know how to create systems or get the right help. Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.