Payment processing makes growth easier.
It’s lonely at the top, and it turns out, also pretty confusing. Your company has reached the point where you’re struggling less financially, but starting to worry about little minutiae, like newer operating problems, an overwhelmed staff, and an ever-changing infrastructure.
It might feel like you’re taping your business together as new problems continue to rise, leading to more problems in the long run.
It’s normal to face new challenges as your business continues to grow. We call those growing pains. Luckily, you live an exciting era of technology, and there are many solutions to your problems. From CRMs to email automation, tech seems to be the answer to all your business’s problems, and payment processing is no different.
How BillingTree Can Help Your Business Grow
More Options, More Money
Credit cards are still leading the way in popularity among Americans, but it’s not the ONLY contender out there. You can’t alienate any ONE audience just because credit cards are more popular than the rest. Take a look at the graph, provided by Statista, below.
You also need to consider “future-proofing” your business. Missing out on trends can lead to significant expenses down the road. Once value is established, companies rarely go back to charging that “start-up” amount.
It might seem minuscule, but these new payment channels are on the rise, and you need to start building your infrastructure, now!
Only accepting credit cards might not be optimal if you want to save money. Offering incentives for customers that use debit cards to pay can help you avoid interchange fees and higher rates from the major card companies like Visa, Master Card, etc.
If you need to offer your customers recurring payment options, having an online payment portal can help reduce the strain on your staff. Your customers can log in and set up their preferred way to pay their bills.
Reduce Administrative Costs
Being able to accept payments 24/7 is a great way to get paid faster and make it easier for your customers to manage their payments.
Your team doesn’t have time to answer every little question under the sun. Having a dedicated IVR to answer simple questions and a 24/7 support team to deal with payment issues will take the burden away from your staff.
Likewise, your team doesn’t have to make a ton of phone calls to track down payment information, costing your business time, money, and resources. With our system, your customer’s payment information updates automatically, so you never miss a beat.
The customer experience is all-encompassing! Everything your business strives for should circle back to what is best for your customers. So, what are some of the things that a robust payment processor can do to ensure your customers are getting the best experience?
Giving your customers a better understanding of your business structure is a good start. Let’s say that your company has multiple departments. While department designations and hierarchy might be intuitive to you, that doesn’t always mean it’s inherent to your customers.
An IVR phone system can answer inquiries, accept payments, and help improve engagement with your customer base. You can also make suggestions to your customers, routing them to the right people before your employees even pick up the phone. Check out some of the benefits of using IVR payments here.
Online portals are as good as gold in the business world. They are the fastest and most convenient way for customers to pay you. No one wants to mail a check every month or continue to call someone over the phone and give their information again and again. That’s why companies like Amazon have been so successful, convenience is king, and you need to take a page from their book.
Promotions & Marketing
Branding and marketing are ways in which your company can get an audience and keep them loyal to your product or service.
Utilizing SMS text to accept payments, schedule reminders, and promote other aspects of your business can help keep your customers engaged with your brand.
You’ll never move forward if you don’t know where you’re going. One of the biggest challenges facing businesses in “growth mode” is not knowing what to do next to continue that momentum. In other words, they reach a plateau.
Having the data to understand where your business is going can help you find that direction and make informed decisions moving forward. We offer fully customized reporting so you can see the data that matters most to you in a user-friendly layout.
Growth is always good, but it can also be frightening. It seems like out of nowhere; you have a million new issues flying at you at once, all of them needing to be addressed.
Having automated payment processing systems like an online portal, IVR, and the ability to set up recurring payments can help you keep pace with your rapid growth, hiring new employees at your own pace.
While it may seem like a single aspect of any business, payment processing can help you in more ways than you’d think. Everything from branding to rapid growth, a quality processor and payment portal can make all the difference.