Here’s a saying that all business owners should heed – work smarter NOT harder.
A simple solution is to enlist a direct debit payment system.
A direct debit payment system eliminates the time spent in administrative work, so you are getting even better results, with less work. Here are 3 things that a direct debit payment system can do for you:
1. Manages customers
Your customers are your top priority and so a great direct debit payment should enable you to effectively manage them. You should be able to view, create, and edit a member’s:
- Personal details
- Payment details
- Payment plans
This way, you know exactly who your customers are, and how they are paying for their plan.
2. Offers Convenience
There is nothing worse than a direct debit payment system that dictates when you should debit your customers and how you should do it. It limits flexibility and convenience. You should implement a direct debit payment system that does not do this to eliminate your stress and keep your customers happy and satisfied. Debit on the day that you would like to do it, not when your system says you should.
The same goes for payment methods. A direct debit payment system should accept all payment types, including bank accounts, credit cards, building society and online payments. It is not only desired, but expected. There are a range of payment types and not all customers like to use the same one, so it is important to offer them options. The convenience and flexibility will keep them satisfied with your service, and hence improve your customer retention rate.
3. Keep track of all your payments
When it comes to running your business, a vital element is keeping track of all your financial records. Even when using a direct debit payment system, this is a necessity. Enlist in a system that constantly updates you on what is happening with your account, and sends you an SMS and/or email when something important has occurred such as a failed payment. Even better is if your direct debit payment system has real-time reports. This means that no matter what time of the day or night you check your account, you will know your exact financial position. By doing so, you will always be up to date on everything that is happening in your finances, providing you with extra control and reassurance when collecting recurring payments for your business.
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A direct debit payment system should be on the top of your list when it comes to areas you can improve your business without spending an excessive amount of time and money. This is an important and very effective way in listening to that key point in business – work smarter, not harder. Leave a comment below if you disagree!