One of the challenges businesses experience is when their customers have payment problems like being late or not paying at all.
That means lost income for the businesses and costing more in trying to chase after the customer.
Luckily, payment from a consumer’s bank to the company they wish to pay is now possible with direct payment solutions like direct debit. Gone are the days when your customer needs to go to the company location, fall in line in a bills payment hub, or even forget to pay his or her bills for the month.
You won’t also have to worry about credit card or bank transactions that take time and manpower. If you have a company that falls under these three industry categories, direct payment solutions will be a great advantage.
Operating a law firm can sometimes be more cumbersome on the management end than the legal problems you face every day. Imagine having to maintain revenue supporting 20 paralegals, 60 associates, 100 computers, and thousands in electricity bills.
Ensuring that clients pay is one of the perks of direct payment solutions, but the bulk of the benefits come from how much money your firm can save. Setting up monthly wire transfers and processing credit card payments will be expensive in terms of the fees and the workforce you need to pay. Using a direct debit scheme, you can guarantee that your retainer fees come on time, every time, without worry about any additional costs and efforts.
- Fitness and Exercise
If you’re running a gym or a fitness centre, monthly payment schemes from memberships keep you afloat.
You’re also familiar with how stressful it is to collect monthly dues and face the myriad of excuses your customers throw up to get out of paying their dues. That will undoubtedly take a toll on your revenues and your peace of mind as you’re uncertain of your businesses’ future. Your relationship with your dear customer can even be strained.
In setting up direct payment solutions, you and your gym customers can enjoy a healthy relationship. Your customers can have a “set and forget” payment scheme that will ensure their monthly payment and predict your revenue flow.
You can then focus on maximising body health and fitness without the need for unnecessary concerns like payment.
- Property Management
Being a landlord or running a property management company, you can’t avoid being painted as a villain by your tenants. Who wants to be friends with someone who asks you for money every month? You can’t avoid worrying whether every tenant can pay enough to cover the electricity, water, and maintenance costs.
When a business like yours relies on timely payments, you can’t go wrong with direct payment solutions. Signing your tenants up for auto-recurring monthly billing is a solution for both you and them. It’s a simple contract that authorises you to directly withdraw an amount monthly from their bank account.
This way, no one needs to have an uneasy conversation about money. Your tenants can only think about living a comfortable life, and you can only think about how easy it is for them to do so.
Direct Payment Solutions for Any Business
You can already see direct payment solutions can help grow your business and give you peace of mind. Do note that these three industries are not the only ones that can benefit from direct debit.
Any business can take advantage of direct debit and the timely and cost-effective payment scheme it brings.