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Are you having trouble getting paid? Multiple-steps collections processes are error-prone, interrupt cash flow, and impede customer service. Learn how to remove friction in the payment process and spend more time servicing customers when you join this VB Live event.
Cash flow is central to the growth and success of your business, and it’s also the area that is most often impacted by friction. Put simply, too many small businesses are having trouble getting paid on time, or at all.
And cash-strapped businesses can fold at the drop of a hat.
But cash flow isn’t just about survival. It’s about growth and innovation. When you’re not getting paid, you can’t take on new projects or employees, you can’t scale, your revenue stagnates and you lose your ability to be nimble and strike when the getting is good, which means losing your competitive edge. Nonpayment also means your company’s finances are at stake, including paying bills, salaries, and your rent or mortgage on time. And it might mean you’re still not able to draw your own salary either.
The interruption in cash flow — aka not getting paid — happens when you rely on outdated payment processes. These are processes that aren’t even integrated into your overall transaction workflows — for instance, manual invoicing, and accepting paper checks.
That means the time sink of setting up an invoice for completed transactions, sending it out, waiting for your customer to respond, possibly nagging that customer to respond, and then getting those checks deposited when they finally arrive. And even mobile deposit is a chunk of time and effort.
For the customer, an invoice puts a task on their administrative to-do list, gives them a chance to ruminate on just how much they spent on your goods or services, and means having to take the time to write a check and then get the check out in the mail. If they can find a stamp.
That’s a process that can take months. That’s cash you’re not using to keep your business alive or growing.
Asking for credit card information over the phone is another manual, time-consuming process, especially when it includes finally getting a customer on the line. It’s also not a very secure payment method, and that’s something some customers might balk at.
How do you stop worrying about your cash flow, and eliminate the need to pin your customer down before you get paid? There’s a technology solution for that — and every other payment headache. Digital payment solutions make it infinitely easier for small businesses to receive, make, or process payments.
Billing and invoicing software will automatically generate and send digital invoices to clients as soon as their order is filled or their job is finished, and in return, the customer can sign and pay with a single click. Automated billing and payments eliminate so many points of friction and dramatically slash the time and effort it takes to get paid, and they free up your time and energy for more important tasks.
Digital payment platforms can also be far more secure. A reputable vendor will be compliant with Payment Card Industry Data Security Standard (PCI DSS), a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.
Because of that — and the ease and speed of invoicing, billing, and paying, you can also boost customer service satisfaction. These solutions ease the relationship between a company and customer, smoothing out the bumpy and potentially fraught issues that can arise when money is at stake by streamlining and simplifying the process from start to finish.
It also frees you up to pay more attention to every customer, whether they’re just browsing, just getting a quote, or even a loyal user from the start, and to build stronger, more authentic relationships.
Learn more about how digital payment solutions help small businesses reduce and eliminate nonpayment, boost cash flow, streamline workflows, improve customer relationships, and more when you join this VB Live event.
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This content was originally published here.