Setting Up Bill Payment Processing For Your Clients
When you own a small business that offers a service where you are billing your customers on a monthly or weekly basis, setting up online bill payment processing for your clients can be extremely beneficial. Instead of sending your clients an invoice or statement each month and waiting days or even weeks for payment, your customers can pay you right online making sure you immediately get the money you need directly into your merchant account.
There are several things that can slow down the process of receiving money from a client or customer. One of these things is, of course, the amount of time it can take to bill your customers. If you are a small business, you probably have a skeleton staff, especially if you are just starting out. In fact, you may be the only staff member and having to waste your precious time on doing this type of paperwork can be totally eliminated when you offer bill payment processing to your customers. Setting up this system will not only automatically bill your customers, but it will also automatically accept payment saving you significant time.
Bill payment processing can also be extremely beneficial to your customers as well. They will be able to get an invoice via email and conveniently pay you for goods and services online through a credit card of their own or directly from a bank account. This makes it less likely that your customer will forget to pay a bill and you can even set it up so that they receive a reminder email just a day or two before the payment is due, just in case they did not pay the bill immediately when received.
You will be able to save money when you process bills online too. You and your customers will both find that using online bill payment processing cuts down on a lot of paperwork as well. There will be no more sending invoices or bills on your end which can help you save on printing cost like expensive ink. You will also not have to buy as many envelopes, pay for shipping or worry about things getting lost in the mail. Your customer will also be able to save money as they will not have to pay for shipping, they will not have to worry about losing the invoice and since your billing will be done through email, it makes it less likely that they will be late at paying.
Since all of this will be done via computer, it is also much safer. This will, of course, be a secure process but when customers have to pay a bill through the mail, they will probably have to send their credit card number in some way. The most common way is to write it on the actual invoice before sending. This is risky since technically anyone would be able to open that envelope and have access to the customer’s credit card information. With online bill payment processing, this is eliminated and you may find you will even get a discount from your payment processor for using this type of processing.