Online Payment Processing
Banks do it. Utility companies do it. Your cable companies do it. And most of the companies you do business with do it. So why can’t you? What are we talking about? Online, internet based payment systems that save you tons of data entry time, reduce labor costs, and improve customer service by allowing your customers to pay their bills online, twenty four hours a day, seven days a week.
So why is everybody letting the customer make their own payments? Because they have done the math and they know that it saves them money. How? Because the customer does all the work. Your customer goes online and views the invoices that need to be paid. Your customer determines which invoices they want to pay and then they decide how much they want to pay.
Your customer then puts in all the payment information to pay the selected invoices. When they finish, they print out their own payment receipt for their records. And they are doing this twenty four hours a day, seven days a week. Even when your offices are closed and you are on the golf course, customers are working for you by paying their invoices online.
How much time have you invested up to this point? None. Because the customer has done all the work. How much time have you saved? A lot. You didn't have to open the envelope when the check came in the mail, endorse the check, total up the number of checks, make out the deposit slip, and then get the deposit slip and the checks to the bank. As if by magic, the payments show up in your bank in a few days. How much easier can it get?
But there is even more money and time to be saved. The payment information from your online payment processing website flows directly into your cash receipts system.
That’s right, you don’t have to enter the payment into your accounts receivable system. The electronic payment system eliminates all the steps the customer just performed for you. Identifying the invoices to be paid, how much to pay. The total amount to be paid and how they are to be paid. Instead of hours of data entry time, hundreds of payments can be processed in minutes. It’s accurate, easy and economical.
And think about the convenience for your customer. They don’t have to call you to find out if a payment has been posted. They just go to your new online payment processing website and see every unpaid invoice and decide exactly which invoices to pay.
Online payment processing is the ultimate win-win situation for you and your customers. Your customers have the freedom and flexibility to make payments at their convenience and your labor costs go down because the customer is doing all the work.