According to a study featured in the Wall Street Journal, over 64 percent of small businesses see a delay of over 60 days in receiving their payments. This issue happens due to several reasons. Perhaps the most common delay is associated with a significant display of avoidance from customers.
Regardless of the size of your business delayed payments can cause harm to your operations. Modern methods such as merchant services, mobile payment processing solutions, and virtual terminals help to resolve these issues. Here is how a virtual terminal can help your business ensure timely payments from your customers.
Don’t Delay Your Request for Payment
Instead of running after your clients to hand over a check or cash, use your virtual terminal payment tool. This feature within your business dashboard allows you to send an email with a payment link immediately after delivery of service. More often than not, this reminder along with easy access to payment transfer is all a customer needs to pay what’s owed.
In other cases, mobile payment solutions can be helpful. Simply ask your customers to swipe their cards over your mobile card reader and have your payments processed on the spot. You can also ask your customers to scan your merchant QR code to process their payments through mobile. The shorter the window between the delivery of your service and the request for payment, the better.
Provide More Payment Processing Methods
No one understands your customer’s needs more than you do. Because of this you’re able to provide them with the best quality service possible. Similarly, utilizing the correct payment tools can assist in setting your customers up for success when it comes to making their payments on time.
Providing simple cashout solutions such as online shopping carts, mobile payment options, and recurring digital invoicing simplifies your customer’s checkout experience. It also provides a sense of comfort knowing that additional payment methods are available to choose from, minimizing stress when processing their payment.
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Send Invoices With a Clear Timeline
For some customers, receiving simple emails with a subject line of “Payment Reminder” does not have the same impact as a formal email that comes along with a document invoice.
A virtual terminal allows you to generate and send over invoices that one can process with a simple link. You can use this feature to create concise invoices that detail all your work in a simple yet clear way. With it, you can also set expectations for processing the payment by mentioning a due date.
Most invoices without a date come with a preset timeline of 60 days to get processed. This can cause customers to abuse this default and stretch out as many days as possible before they make your payment. Remember to set a date with your invoice to have it processed before it’s too late for your business operations.
Sending invoices also gives you a streamlined way to follow up with formal emails. Send your reminders on the same thread as your invoice, and you can increase your chances of receiving a response from your customers.
At Fattmerchant, our services go beyond the standard set of general merchant account providers. From online payments to mobile solutions, we offer a holistic set of services to help you get paid on time and scale your operations with ease.
To learn more about our services contact us today for a free consultation. We will be glad to discuss your needs and set up payment solutions that help you get paid in a fast and affordable way.