For any business, large or small, the time between selling a product or rendering a service and having the money in your hands can be the difference between success and failure. This is especially true of businesses that have a longer pipeline, like hospitals and credit unions.
With many of these institutions, the services rendered often relate to large-sum transactions. They have to be credited over an extended period. That means that any bump in the road can drastically reduce the amount of money your business could make reliably, month to month.
Having the right payment processing system in place could help you avoid these bumps in the road and increase the percentage of on-time payments. Here are just a few ways you can help improve on-time payments.
Recurring Payment Options
It’s hard to forget a payment when everything is automatic. Having automatic payments take funds out of your customer’s account is second to none. You and your customers can easily create a schedule that works for both parties and never have to worry about late payments.
Speaking of forgetting to pay, one of the benefits of text pay is the ability to set up reminders that your customers can pay with a single text. Again, it’s easy to forget to log in to your computer and pay, but it’s hard to miss a text message.
Multiple Payment Options
If your customers have more options, they tend to be more punctual with their payments. You can imagine how frustrating mailing a check every month can be; you might even forget to log in and make a payment with an online portal too. But, with text, phone, online portal, card, and point of sale options, it’s hard to miss an opportunity. You’ll still have people late to pay, but you never want to give your customers an excuse to do it.
You can’t have someone to answer the phones every hour of the day, especially if you’re a smaller company. That’s why having a system to accept payments 24/7 is a fast and easy solution for people looking to pay their bills before and after work hours.
Your customers can respond to these reminders and have their bill paid right there and then, increasing the number of on-time payments. It’s simply convenient, and it sets you apart from the competition.
Another thing that slows down your on-time payments is outdated account information. When your customer gets a new card or account with their financial institution, that information needs to get updated. Well, it’s hard to remember everything you have running through your card, so things tend to get canceled.
Having something that automatically renews this information for your members is the perfect way to stay on top of this pain point.
Having options will give you and your customers the flexibility to make more on-time payments. The advantage of using a payment processor is the multitude of tools you can have at your disposal, making it easier for your customers to pay you on time. Learn more about improving the payment experience with BillingTree’s suite of products here.