If you are a business owner, you need to look into getting recurring billing software. Whether you run a membership site online or allow customers to pay for purchases over time, software makes it simple and efficient to collect money from customers on the same day each month.
You Don’t Need to Dedicate Man Hours to Billing or Collections
Even if your customers pay you on time each month, you still have to dedicate time to creating invoices and mailing them if you don’t have a dedicated software program. In the event that customers don’t pay on time, you have to spend time on the phone or sending emails demanding payment.
At best, you may get an excuse as to why the payment wasn’t made and assurances it will arrive soon. At worst, you may anger a customer or get no response at all. With automated payments, there is no chance for clients or others to pay late because the transaction always comes out at the same time or services are no longer provided.
Avoid Losing Money Because of Mistakes
If you don’t send an invoice to a client or member, he or she may not pay the bill, and you have no proof that he or she owes that money. Sending an inaccurate invoice may also result in nonpayment or make it harder to reconcile your books because you think you are owed may differ from what shows up on an invoice. In either scenario, your business may lose money or credibility if it doesn’t know how much it is owed or when payment is due. With an automated program, clients receive accurate billing statements in a timely manner.
Don’t Spend as Much Time on Administrative Tasks
As a business owner, you have a lot to do each day. When you aren’t handling customer orders, you may be trying to resolve a dispute with your merchant account provider or trying to make sure that your storefront is clean and tidy. When you aren’t dealing with those issues, you have to remember to file online your quarterly and annual tax returns or handle paperwork related to hiring your newest employee. Since you already have enough to worry about, an automated billing software program means you have time to handle more urgent priorities.
Starting a business is supposed to allow you the chance to make money using a special talent or new product that you may have to offer the market. However, if you spend most of your time chasing customers for payment, there is less time to find and serve new customers. Automating the process of receiving payment for services means fewer lost payments that could be the difference between a thriving company and one that isn’t profitable enough to remain in existence.