Best ways to encourage credit card payment (and improve your cash flow in the process)
With instant payment options growing, customers want and expect to pay invoices quickly, easily and without hassle. If you haven’t already done so, it’s time to get your business set up to handle credit card payments online with Invoice2go, a Bill.com company. Besides giving customers an easy way to pay invoices, you’ll improve your cash flow and regain valuable time that can be spent on your business.
Here’s how online credit card payments help both your customers and your business:
Paying by check or bank transfer is time-consuming and costly. Payment by credit card can be completed quickly, easily and with little more than the click of a button.
Rather than spending hours a month processing invoices and payments, everything is sent, received and recorded as it happens. Keep track of what’s been paid and what’s outstanding so you know when you need to reach out for payment.
Eliminates late payment hassle
Invoices often slip through the cracks because they get lost in an email inbox or set aside to be paid later. Allowing customers to pay by credit card means they can pay when the invoice arrives.
Ensures a safe way to pay
Credit card payments through a secure website have a number of benefits that business owners and clients can both appreciate. Most credit cards today offer a fraud loss guarantee to protect the consumer in the case of fraudulent card activity. Secure websites are additionally protected with passwords and checks. For example, Stripe ensures Secure Sockets Layer (SSL) and Transport Layer Security (TLS) mechanisms for all payments to verify that all traffic is legitimate and to ensure data is safely transferred.
Provides additional value options from credit card providers
People who use credit cards to collect points or discounts will appreciate the opportunity to accumulate bonuses when paying your invoices. Using a credit card, even on large ticket items, is a great way to offer customers value and a little something extra.
In today’s day of instant everything, increased efficiency and green living, it doesn’t make sense to remain stuck in a paper invoice/payment by check based model. Help your business and provide better customer service by offering credit card payment as an option.
Did you find this advice helpful? Or do you have other ideas to help encourage customers to pay by card? We’d love to hear from you in the comments below.