If you followed our project management tips to facilitate successful implementation of your new automated payments system, you should now be up and running with using Ezidebit automated payments within your finance team and possibly across your wider organisation too. Now that the work of implementation is done, it’s time to measure the positive impact that your automated payments operation has had on tightening up your business processes, reducing the time your team spends on manually managing debits into your organisation and speeding up your organisation’s inbound cash flow (if you’re not sure how to measure these key performance indicators, our introductory article outlining the top three habits of diligent cash flow management has a few tips that will help you out).Top three recommendations to extracting the most value out of your Ezidebit automated payments software: Ezidebit
At this stage, even if your automated payments system has only been implemented for a short period of time, your key performance metrics should already be starting to present a downward trend in the amount of time your team spends performing cash flow related tasks such as administering debits into your organisation, chasing late customer payments and running cash flow reports. If you’re not yet seeing this downward trend in your organisation it’s an early sign that you’re not yet using your Ezidebit software to its fullest potential and, as a result, your return on your Ezidebit investment could be delayed.
If this is you – we can help. For 17 years, we’ve been helping countless clients from across a range of industries to achieve a positive return on their Ezidebit investment. Here, our experts reveal the top three recommendations to extracting the most value out of your Ezidebit automated payments software so that you can do the same.
Integrate more and automate more
Integrating your Ezidebit payments software with your existing business management system will help you to achieve a better return on your Ezidebit investment. When you can get all of your different business systems talking to each other efficiently you can automate more tasks across those systems. Automating more tasks results in more time saved and further reduces the cost of processing payments in your organisation – consequently boosting your return on your Ezidebit investment and improving your bottom line. For help with integrating Ezidebit with the business management software that you use, talk with one of our expert business payments consultants.
Identify and achieve your tipping point
Every customer that pays your organisation by direct debit helps to decrease the time and cost of payments administration. If only a small percentage of customers are paying by direct debit, there’s a chance you could actually increase the cost of payments administration as a result of not using your Ezidebit software to its full potential. There’s a tipping point at which the cost of your Ezidebit software will start to deliver a positive return on your investment – if you haven’t reached this tipping point yet, you need to move more customers onto your Ezidebit direct debit system. We usually recommend that shifting 90 per cent of customers onto direct debit is a good target to aim for in terms of achieving a positive return on your Ezidebit investment.
Remind your customers of the benefits
If some of your customers are resisting making the switch to direct debit, try reminding them of the benefits they will experience:increased payments convenience for them
quicker payments processing at your end
lower prices as a result of lower overheads.