For any growing business owner, collecting cash from customers on time is paramount. After all, receiving timely payments from clients is one of the easiest ways to ensure the business expenses are paid promptly. Now that payment technology has evolved, the expectation of a stellar customer experience is at an all-time high.
And this is inclusive of the payment process too. Whether it’s about making an online payment or providing through any other way, customers don’t like to get into the hassle of making a payment. Below, we have mentioned the easiest ways for small businesses to collect customer payments:
● Send Electronic Invoices
Invoices have emerged as a professional way to request payment from the customer. They can easily be sent via email. However, sending paper invoices is rather time-consuming. After all, it’s expensive too when the paper invoice has to be printed.
Thanks to the online invoicing technology, business owners don’t have to worry about receiving payments late. They can send an electronic invoice and receive the payment through a single click when the credit card information is entered by the client.
● Add a “Pay Now” Button on The Website
Today, almost every business website has this button. However, there are a handful of websites that only accept payment in cash or through an in-person meeting. This is a revenue system that will help your business recover payments on time.
For instance, if a business requires that customers pay before the work is done, installing this button and making a payment method available will be an easy way to collect money. Learn merchant business funding with APICKLE to create an easy experience for the customers to make timely payments.
● Settle for Payment in Advance
Payment automation platforms have enabled business owners to be ahead of time in collecting payments. Knowing that late payments have become a thing of the past, now is the best time to schedule timely payments to avoid client issues.
We recommend you schedule a payment process that helps your customers to make a payment on time. The main benefit of this system is that it allows businesses to tokenize without any reservations in their minds.
● Pre-Authorize a Transaction
This is yet another simple and easy way to confirm payments from customers. Especially when a business like a car rental agency or hotel is concerned where the final amount is unknown, pre-authorization is an easy way for anyone to do business.
Basically, it holds funds on credit, and no money will be deducted unless the business process itself is complete. You can do this through a payment platform and see how it works.
● Request Payment Before Providing the Product or Service
This has been the standard method to collect payments for a long time. Once you request payment, it is easier to feel good. However, when a payment is due, any business owner will be under pressure to receive the funds. And some customers can be fraudulent too, so it is yet another concern of modern businesses.
