Who really runs your business?

If you think you run your business, you could be mistaken. As a growing number of UK-based firms are discovering, their success can hinge on the whims of outside influences such as social media giants and payment gateways.

If you have ever had a social media account suspended or a payment withheld for a long period of time, you will know what we are talking about. Not happened to you? It could.

Business experts suggest firms in the UK protect their revenue streams by using more than one online payment provider. PayPal, for example, can hang onto your funds for up to 180 days and close your account without warning. It is worth noting that recompense for the inconvenience of a proven error can be very low. Take a look at complaints upheld by the Financial Ombudsman.

Smaller businesses can be hit especially hard by a delayed payment. In some cases, they have gone under because their cashflow depended on revenue processed by a single payment gateway. With more businesses looking to expand digital sales, giving customers a wide choice of payment options makes sense – for the customer experience and your own bottom line.
Having a social media account suspended is not just inconvenient and embarrassing, it can significantly impact traffic to your website. If you are a ‘social seller’, the outcome could be far worse.

Make sure you keep business information up to date and back up all accounts with a telephone number. Make sure email addresses and telephone numbers are updated before a listed person leaves your organisation or when you make changes. Observe posting limits and rules, and cross everything your account is never accidentally caught in a spam filter.

If your business is hit by a suspension, act quickly. Follow the prompts to resolve the issue. Ignoring a suspension could lead to your account being permanently deleted.

Be aware that some social media platforms are now asking for sensitive documents to validate accounts.

Who runs your business? Make it you.