5 min read
What you need to know about implementing automated payments software
Get your business paid on time with an Ezidebit solution. Spend less time chasing late payments, and more time doing what you want.
Automating your payments saves you time, but did you also know that it can reduce your operational costs and increase your cash flow?
Sounds like an easy decision to make, but your time is precious so you’re probably starting to wonder how hard will the transition to automated payments be?
We know that you need to be assured of fast, easy set up and implementation so you can get back to business-as-usual and start earning a return on your investment immediately. That’s why our team at Ezidebit is here to help!
If you’re wondering what you can expect ahead of implementation day, here are our answers to the top three questions business owners ask our payment experts about implementing automated payments software.
Our manual payments process has been in place for years without any complaints from customers. Will implementing automated payments confuse our customers?
In our article ‘how automated payments can improve your competitive advantage’ we talk about how mobile technology is changing the way people buy from businesses like yours. Offering a range of modern and convenient payment options (such as direct debit and BPAY) gives your customers the mobility and flexibility they need to be able do business with you on the run – or even better, do business with you automatically without lifting a finger! For your busy customer, what’s not to love about that?
When it comes to responding to your customers’ evolving needs, change is a good thing. The fact is, if you can’t offer the convenient payment options that today’s customers want (such as direct debit or BPAY), it’s you who will ultimately pay the price of lost customers.
I have a lot of demands on my time. How much work is involved in implementing automated payments into my business?
Your payment provider should handle all of the technical aspects of implementing your automated payments solution. As the owner of your business, your efforts are best focused on looking after the people who will be impacted the most: your staff and your customers.
Keep your staff and customers abreast of your upcoming changes to your payments processes by engaging in regular and open communication that highlights the benefits of the change (such cutting down on your staff’s administration workload and offering more flexible payment options for your customers), points out any key changes they will need to be aware of and tells them where to direct their questions.
We really want to maximise our return on investment. Should we make paying by direct debit mandatory for all customers?
Before you implement your new automated payments solution you need to decide whether you want to make it a mandatory requirement that all existing customers immediately shift to direct debit – or, will you simply offer them direct debit as an optional payment method from now on?
In our experience, we’ve found that business owners who immediately shift as many customers as possible to automated payments can realise their return on investment in the first month after implementation. However, we also know that every business is different. Customers in some industries may be more resistant to paying by direct debit than other industries – in these instances, we usually recommend that you mandate new customers and allow existing customers to transition in their own time.
A quick implementation is a successful implementation
When it comes to getting up and running with automated payments, a quick implementation is a successful implementation! That way, you can start earning a return on your investment straight away by immediately reducing payments-related administrative costs, speeding up your inbound cash flow and ultimately increasing your profits.
Ezidebit is trusted by thousands of Australian businesses to take care of their payments, while they take care of business. If you have any other questions about how to implement automated payment solutions with your business, speak to one of our expert payments consultants today.