Many small and medium-sized businesses struggle with payments. Tasks like sending invoices, setting up subscriptions, automating reminders, and so on, seem relatively simple.
But company owners and managers often feel overwhelmed when it comes to setting up a comprehensive and efficient tech stack to deal with these routine jobs. This results in significant amounts of lost revenue.
Customers leave during checkout and don’t return.
With streamlined payment solutions, you can fix cart abandonment issues across your business.
Yet in the vast majority of cases, a few simple changes will lead to streamlined and effective payment workflows that keep “drop-off” to a minimum, while prompting customers to pay on time. If managing payments gives you a headache, don’t worry.
In this post, you’ll learn six practical tips to boost the effectiveness of your whole workflow.
Yet in the vast majority of cases, a few simple improvements can result in smooth and efficient payment workflows that eliminate “drop-off,” thus encouraging clients to pay on time.
If you get headache when handling payments, don’t worry.
You’ll learn six practical tips in this post to improve the efficiency of your workflow as a whole.
1. Use Payment Management Software
If you just take one thing from this whole article, do this: use the app for the payment processing.
Payment management applications offer a range of easy-to-use resources that can make almost every element of your payment workflow more effective and transparent, from communicating with third party payment providers to automating subscription customer reminders.
Online invoice payment processing software and an online customer portal allow you to complete routine tasks in a fraction of the time that they typically take.
Moreover, most apps work on a monthly subscription model and are relatively inexpensive, particularly when compared to the time and resources that most companies will save.
2. Creating templates for receipts and invoices
Virtually all businesses, whether they work in the B2C or B2B spaces, routinely send invoices and receipts.
The invoice development process involving the writing of line-by-line item costs and the inputting of client information (name , address, email, etc.) is laborious.
And time spent on creating invoices for employees can add up quickly.
The use of invoice and receipt templates is one easy way to cut down on invoice generation time.
Easily stay on top of your invoices with pre-generated templates.
Yet there aren’t exits. With the proper software, invoices can be auto-generated.
Customer details and their orders stored in your CRM and accounting applications will automatically fill in the respective feeds.
All that remains to do for your accounting department is to double check the details and press send.
3. Automate Payment Reminders
After you have given a customer an invoice, that should be the end of the story, right? If only this was so easy.
In the vast majority of cases, most consumers don’t miss payment deadlines deliberately. They really had forgotten.
That is why it is important to send reminders, both in the run-up to and after the final payment date.
Typically all that is needed is a simple email telling the user in question that their payment is due or overdue. Payment notifications are, thankfully, very easy to automate.
When submitting an invoice via your app, follow-up emails should be scheduled at predetermined intervals.
4. Provide an Online platform for your customers
Many small and medium-sized companies accept payments directly, taking information of their customer cards over the internet.
The digital platforms serve your customers as online payment solutions.
And it’s typically totally different from other aspects of the booking and rescheduling process, except for those organizations that do have an online form. Both methods waste considerable amount of time.
But what is the solution for that? Online portals are Participant areas devoted to your customers.
After an account has been developed by a user, they can complete a series of tasks with no feedback from you.
This include making deposits, forming accounts, rescheduling appointments, asking questions and more.
5. Join your Tech stack with your accounting app
Businesses serious about saving time and money are required to create fully integrated software stacks.
It relieves you from the responsibility of manually inputting data through various platforms when your apps “speak to each other” This is particularly true of your accounting and payment apps.
As customer order information flows seamlessly across the Invoice Management, Bookkeeping, CRM ( Customer Relationship Management) applications, and so on, tasks such as submitting receipts and updating invoice status can be done far faster.
Syncing apps is typically a easy operation, without having to rely on APIs and custom development.
6. Offer Outsourcing customer support
For most small businesses operating an in-house customer service team isn’t a realistic choice.
Outsourcing the customer service is becoming increasingly popular with modern small businesses.
Unfortunately this means that assistance is only available during set hours, and often not even if all staff members are busy.
This can lead to unhappy customers , particularly when they can not get the help they need when making a payment.
Leveraging outsourced customer service is a simple way to solve this issue.
Calls would be routed to a team who is familiar with the problems who your customers face, and can support them instantly, sometimes 24 hours a day.
If a customer has agreed to make a purchase, from a business viewpoint it should be money at the bank.
However, technical considerations are one of the game’s greatest conversion killers.
If a customer drops out of your funnel because they can’t find out how to make a payment, can’t get help, or just miss an invoice, there’s a fair chance they’ll never get back.
Don’t lose clients due to poorly controlled and unreliable flows of payment.
You will recover any missed revenue by investing a little time upgrading your payment system and locking up the “leaky” sections of the bottom of your funnel. And it’ll make the customers happy too.