Give Your Customers Payment Options for a Global Market

 

It's simply good business to provide your clients choices for paying. These choices can consist of payment plans, handling credit or debit cards, web payments, checks, cash, money orders, cashier checks, automated withdrawals, or Western Union payments.

" Individuals have the tendency to fight that which is pushed upon them. Individuals have the tendency to support that which they help to produce," states author Alex Bender.

I am certain you can identify with this quote and so can your clients. When you contact an overdue client and request payment in full you will not get as far if you called and presented several various alternatives for payment plans.

Merchant Services

Business owners consume a considerable amount of time providing their service or product to their clients and customers. When it comes time to receive payment for these things business owners use a point of sale system or more likely employ merchant services.

A point-of-sale system is specifically designed to suit the needs of retailers and eliminates the pain points of running a business. A system like the one offered at Posabit demonstrates how a good point of sale system can benefit a business. Competition in today's global markets calls for the best systems for your business and customers.

Merchant Service Providers

It's important to compare merchant service providers online before choosing one. Setting up a secure payment solution is not difficult but it must be done right.

Receiving online payments, credit card/debit cards, or other online payments require you to employ professionals with a long track record. Paysafe's payment processing allows you to grow your business by being able to take payments not only locally but globally. Make sure your merchant services can deal with payments from every country and language.

Payment Plans a Necessary Option

If you have never put together payment plans in the past I have some recommendations for establishing practical payment plans for your clients. Something you should do is to make certain your client understands you comprehend that every case is different.

Also, you will take into account their capacity to pay, the amount overdue, their payment history, length of time they have been a customer, their loyalty, and precise reasons why the account is overdue in figuring out a payment option with them.

Creating Payment Options

Make certain your clients understand creating these payment arrangements is not something that may be done all the time; you're doing it now given that there is an issue and you wish to solve that issue.

Frequently, clients take advantage by charging more services or products and simply making the regular monthly payment. This is something you want to discourage. You can prevent this by putting every contract in writing with a starting date and an ending date.

It's a good idea to stay out of the financing business because the costs of keeping track of it is costly. Keeping clients on a monthly paying in full plan is the best option.

A number of organizations have guidelines about payment plans. This might consist of not going into payment plans by one consumer more than once per year or mandating a 15 percent deposit for all new payment plans.

Make Your Invoice a Priority to Your Clients

With the economic climate in a weakened state and more customers not able to pay their charges. The goal of establishing payment plans is to at the very least get paid something instead of absolutely nothing.

Most clients will take a look at all their charges and after that decide on which ones will get paid that month based upon what is primary to them.

It is your role to make your invoice essential to them and provide them sensible alternatives so they will pay it monthly. You wish to efficiently describe policies and procedures that will help provide your clients with choices when they can not pay completely.

Something to keep in mind if you do not like the idea of providing payment plans. If somebody owes you money, they possibly owe others money and whoever does something about it first or provides a service, will get paid first.

When putting together your payment arrangement:

• Look at your client's history previous to your call
• Have 2 or more choices for payment plans in mind prior to the call
• Repeat everything to the client
• Get it in writing and have your client endorse it
• Follow up and follow up

Once you set up the payment choices and plans that meet your client's needs you will be able to serve your customers better. They will frequent your business more if they know they will be treated better. This creates loyalty and even more business for your company.