Is your business struggling with late payments from customers? According to reports, 25% of payments to SMBs are made late, and more than 30% of SMBs experienced a negative impact from late payments.
Late payments can destroy your cash flow, disrupt operations, and impact growth. However, chasing down payments can also erode client relationships.
So what do you do?
Online payment systems for small business owners are one of the best solutions for ensuring you get paid on time. Online payment systems also eradicate friction in the customer journey, save you time, and more.
Continue reading to find out 7 electronic payment advantages and why you need an online payment system for your home service business.
- Down payments
- More convenient
- Travel and restocking fees
- Better cash flow
- Quickbooks integration
- Increase productivity
1. Customers Can Easily Place Down Payments
One of the best electronic payment advantages is it allows customers to easily place down payments for a home service. Instead of sending them an invoice, and expecting them to manually pay the downpayment via an EFT, you can offer them an effortless way to pay.
For instance, with BidClips' online payment system, your customers can pay their deposit right from their device as soon as they receive your bid. All they have to do is tap "pay" and then enter their card information, exactly the same as they would for any other online purchase.
They don't have to come into your place of business and swipe to pay their deposit, or log in to their online banking profile and manually copy across your bank details.
What's more, BidClips gives your customers the option to also pay the total invoice value instead of the deposit. Seeing the options side by side often motivates clients to pay the full amount in one go, as this saves them from making another payment when the job is complete.
Instead of waiting endlessly for clients to pay you in full, you could walk into your business each day with one or more bids paid in full. This is something we often see in BidClips users' testimonials.
2. Customers Can Seamlessly Include Add-Ons During a Purchase
Another benefit of online payment systems for small business owners is increased opportunity for purchase add-ons.
With BidClips you can include the option for clients to select add-on services and products right within the payment process. Before they make their payment, they will be able to view a list of any additional services or products they might want to include with their purchase.
For instance, if you operate a cleaning business, you can offer clients the option to add in services they might not have thought about to a general cleaning service booking, such as window cleaning, carpet cleaning, etc.
Being able to up-sell other products and services in this seamless way can increase your turnover and directly impact your bottom line each month.
3. Online Payments Are More Convenient for Your Customers
Another reason to take advantage of electronic payments for your business is they are more convenient for customers. Not only will customers appreciate an easy payment process, but it places fewer barriers between you getting paid.
The easier you can make it for customers to pay you, the more likely they will be to make their payments on time. This is better for you, and it's better for your clients. The faster they can make down payments, the sooner you will be able to serve them, and the happier your clients will be.
4. It’s Easier to Bill for Travel Fees and Restocking Fees
Besides being more convenient for your customers, online payment systems for small business entities can also make things more convenient for you.
One of the electronic payment system examples of this is billing for things like travel fees and restocking fees. BidClips allows you to easily and quickly bill your customers any time there is a travel fee or restocking fee.
Instead of having to waste time manually drafting up an invoice, you can take advantage of BidClip's option for adding restocking fees or travel fees to a service or product.
5. Your Business Can Enjoy Better Cash Flow
Did you know that 82% of small businesses fail due to cash flow problems? Fixing poor cash flow can be a tough challenge, especially if trying to balance chasing late payments with maintaining good customer relationships.
Of course, there are those customers that delay making payment on purpose. But there are also many cases where a customer might simply have forgotten to pay an invoice or didn't get around to it. Hounding them to pay will remind them, but it may also alienate some clients.
With an online payment solution like BidClips, you shorten the time it takes customers to pay. The intuitive nature of the BidClips payment platform increases the chance that customers will pay on time. This is one of the most effective ways to turn your cash flow around.
6. Effortless Integration With Quickbooks
Online payment systems for small business use also offer the advantage of being able to integrate with other solutions.
For instance, BidClips recently created an integration with Quickbooks. Now BidClips users can connect their account with Quickbooks and enjoy a seamless quote to invoice workflow.
This takes a lot of the work out of creating invoices. Instead of having to manually make up an invoice, Quickbooks will automatically populate the invoice with your BidClips quote data, while still allowing you to make manual adjustments.
7. Easy Online Payments Increase Your Productivity
Last but not least, one of the overarching electronic payment advantages is they allow you to increase your productivity. Instead of wasting time hunting down payments, sending invoices, or checking your bank to see if a down payment came in, you can sit back and let a solution like BidClips do the work for you.
Online Payment Systems for Small Business Owners Are the Future
If you leverage electronic payments for your business, you can enjoy better cash flow, happier clients, more upsells, and enhanced efficiency.
We believe that online payment systems for small business owners are the future. This is why we are continually working to improve the range of BidClips features.
Make your business stand out with BidClips. Book a free demo to see the BidClips payment platform in action.
Published on May 2, 2022