Making it easy for your customers to pay you is vital to business success. Getting direct debits and alternative payment methods linked to your business is so easy these days, saving you time and becoming more efficient.
Many service-based businesses choose direct debit arrangements with their clients to avoid overdue payments. If you are often chasing overdue payments, consider implementing direct debit arrangements to reduce your administration time.
The Benefits of Different Payment Methods:
- Reduced Accounts Receivables Days: Implementing direct debit and online payment options increases the payment process. This means fewer outstanding invoices, reduced overdue payment and improved cashflow.
- Streamlined Reconciliation: Integrating payment methods directly with your accounting system will automate transaction matching, reduce manual entry errors and time spent on bank reconciliation.
- Enhanced Customer Experience: Offering multiple payment options, such as PayPal, credit/debit cards, direct debit, entitles your customers with flexibility and convenience. This will enhance customer satisfaction.
- Cost Optimisation: You have the option to choose whether you will absorb the cost of the processing fees or whether you will add the cost to your invoice and charge clients extra. Your accounting software will then allocate the funds accordingly to invoice payment and fees received.
If you are ready to optimise your payment processes and improve your cash flow, we can discuss which platforms have the best and most secure integrations with the accounting software you use. We will be able to help you get these set up. Contact us here.
