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Top Tips for the New Financial Year

Does your business rely on regular payments from customers?

If so, the following top five tips from PaySmart CEO Ian Jones will help get your business and cash flow on track for the new financial year!

  1. Embrace Internet-based payment technology

Any business knows that efficient cash flow management is the lifeblood of expansion, growth and future plans. A periodical payment model can create a great platform for ongoing engagement with your customers, all while shoring up cash flow.

Customers are seeking convenience and flexibility, opting to chip away at a fee rather than paying a lump sum up front and a regular direct debit payment model will give your customers the flexibility to pay their memberships or service fees over time.

  1. Make it easy for your customers to get on board

Provide your customers with a simple way to sign up to your direct debit billing service. Make sure they are well supported by a Customer Service Centre to answer any questions they may have. And, remind them that by doing so, it will remove the stress of another admin job on their list, and the risk of missing payments. If you put a simple, professional process in place, you will soon see your collection rate rise.

  1. Stop chasing bad debts

Your time is valuable and the last thing you need to be doing is taking yourself away from the business you specialise in to chase down late payments or bad debts. Your direct debit billing company should also provide a comprehensive Debtor Management System for dishonoured payment recovery. This will save you hours on the phone chasing fees—and should be provided at no extra cost by your direct debit billing company.

  1. Check that your systems are integrated

Simplify your administrative processes by ensuring your software, billing, entrance control or other management systems, ‘talk’ to each other. This will make running your business easier, as you won’t be spending precious time double entering data. When systems are integrated or communicating with one another, there’s typically only one point of data entry required—a much simpler process!

  1. Check your data security

Any business that accepts credit or debit cards is potentially open to breaches of security resulting in fraud and theft of information—and there are big penalties for the businesses involved. Check to ensure your billing company has state-of-the-art server technology protected by sophisticated intrusion protection and data security systems to manage personal and sensitive information.

To contact PaySmart click here.

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