Ask a roomful of entrepreneurs about their biggest pet peeve, and we can virtually guarantee that late invoice payments will be at the top of the list. It’s a tricky situation: You want to provide your customers with the understanding and flexibility that offering to extend payments brings. At the same time, late payments hold up your cash flow and lead to all sorts of grief. That’s when setting up recurring payments for your customers can provide you with the solution you need to receive payments on time, while allowing flexibility from your customers as they can choose when the recurring payment will be made.
Set It and Forget It
With recurring payments, your customers simply agree to pay a specific amount, which is withdrawn at a set interval from their bank account and transferred seamlessly to yours. The process couldn’t be easier: You simply input the customer’s payment information, monetary amount to be paid, and date of payment, and you’re ready to go. Only minor tweaking needs to be done once in a while if changes occur.
Say Goodbye to Late Payments
Trying to get a late payment out of a procrastinating customer is like pulling teeth. You might sometimes even need to charge fees to light a fire under the tardiest of the tardy. Recurring billing virtually eliminates not only these fees but those terribly awkward telephone calls as well. Our guess is that you won’t be sorry this task has been taken off of your shoulders.
Enhanced Customer Relationships
When you aren’t haranguing people for payments and customers aren’t trying to avoid you, your relationship will benefit. You can actually get back to what brought you together in the first place: your products and services.
Just think of all the paper you will save when you no longer need to use it for so many bills, envelopes, invoices, and stamps. When you operate electronically, you win and so does the environment.
Payment Information Is Kept Safe
One of the many advantages of recurring payments is that they are set up through a virtual terminal, which is part of your merchant services account. This allows you to keep your sensitive customer payment data secure because the card data is encrypted adding an additional level of security for your customers. When data is stored snugly in the cloud, you can have peace of mind in the knowledge that you are less susceptible to a data breach.
Automated processes are saving busy entrepreneurs countless hours each year. Just by jumping on the recurring billing bandwagon, you too can reap the benefits. Achieve smoother cash flow, happier staff and customers, a cleaner environment, and advanced security today.