This blog deals with the payment challenges faced by a graphic design studio and its solutions. The blog also contains information on fee-free checking accounts with a proper bank account number.
The graphic design industry is undergoing a sea of change. Earlier, the industry tended to be more concerned with print media. But now, the amount of material produced and consumed has increased significantly since the emergence of social media. Presently, the size of the global graphic design market is $43.4 billion. Research shows that 265,000 graphic designers from a total of 507,690 are from the US alone.
Since the work of a graphic designer has expanded in scope and has become more in demand, the payment challenges they face have also increased.
- Studios, without a proper checking account, face difficulties in receiving payments from clients, paying vendors, and managing workflow.
- Traditional checking accounts come with added fees for each transaction. Moreover, there might be initial fees, monthly fees, and other fees that can eat into the budget of a graphic design studio.
- Some clients may insist on 30, 60, or even 90-day payment terms, delaying revenue. Late payments can disrupt the cash flow of your studio and make it hard to cover ongoing expenses.
- Graphic design studios may sometimes have international clients and vendors. The lack of an international payment method may lead to the loss of valuable clients and vendors.
- The rise of cost-effective AI tools has significantly impacted the graphic design industry. The industry should offer value-driven services and innovative payment methods to maintain competitiveness.
One effective solution that a graphic design studio can find to get rid of all these problems is Zil.US. How? Let’s get an idea from this blog.
Fee-Free Checking Account
Zil.US offers you a fee-free checking account. That is, the account comes with no hidden charges or fees. There are no initial fees, monthly fees, or any minimum balance requirement. Moreover, you can open the platform’s checking account from anywhere in the world. That is, you don’t have to be necessarily in the US to open a US checking account.
A fee-free checking account helps a graphic design studio optimize cash flow and reduce overhead costs. An account with no fees or hidden charges allows a studio to allocate more of its resources toward creative projects and operational expenses. Moreover, a fee-free checking account facilitates smooth financial transactions and lets the studio focus on delivering exceptional design work.
Bank Account Numbers:
A payment account from Zil.US usually has a bank account number, which is used to identify your specific account. It is basically a unique string of numbers that identifies the account owner and lets them get into their account. Account numbers, along with routing numbers, allow users to send and receive funds.
At the bottom of a check, you can see three sets of numbers. The one in the middle is the account number, and the first and third are the routing number and check number.
With the cloud-based platform’s checking account, a graphic design studio can make payments via ACH, wire, mail check, etc. Let’s have a look at these payment options in detail.
Make Payments Effortlessly with ACH
ACH transfers are one of the inexpensive, dependable, and secure ways to process payments. And for setting recurring payments, they are the best. On the whole, it is an easy way for businesses to reduce the time and money spent on processing transactions.
ACH is short for Automated Clearing House, and it is a centralized US financial network to send and receive funds. The network is monitored by the National Automated Clearing House Association, which is otherwise simply known as NACHA. Zil.US is an official member of NACHA. Thus, the efficiency of making ACH payments via the cloud-based platform is never a question. Users can experience the maximum efficiency of making ACH payments with the cloud-based platform.
Typically, an ACH transfer would take three to five business days to reach its destination. The cloud-based platform offers same-day ACH, which guarantees the delivery of your payments within the next business day. The only information that is required to send an ACH payment is the recipient’s routing and account numbers.
Pay Your Clients Easily via Wire Transfer
Wire transfers are one of the popular methods for sending funds between businesses. The total wire transfers that originated in the month of August 2024 alone was more than 17 million. Wire transfers are a fast, efficient, and secure way to transfer money domestically and internationally. These transfers are processed via wire networks, which are typically known as the Federal Reserve Wire Network or Fedwire in the US.
Wire transfer is the best for moving large sums of money as it offers high transaction limits compared to other payment options. Zil.US offers an easy and efficient way to send wire transfers. International wire transfers need specific codes like SWIFT or IBAN, while domestic wire transfers only require a routing number and account number.
Conclusion
The payment challenges faced by a graphic design studio are immense. Zil.US has the capability to solve these multiple challenges of the studio. The platform’s fee-free checking account that comes with a proper bank account number helps the studio maintain its cash flow. Moreover, the multiple payment options offered by the platform give the studio flexibility and efficiency.
