How long do you spend chasing customers for payment? Chasing customers to pay their bills is a not a nice job, it’s time-consuming and impacts other areas of your business.
Many Vendors and Distributors have the mindset of if it’s not broken don’t fix it. But, with the food and beverage industry facing serious wait times for payments, you simply can’t afford to sit back and relax.
Do you know how to completely remove chasing payments for your business?
EasyVend provides distribution businesses with a completely automated credit card payment solution that handles everything from invoicing to receipting - Slashing your current manual, time-consuming payment process.
In EasyVend the following payment processes are automated:
- Customer invoices are generated and sent automatically at the correct interval
- The payment is taken automatically at the agreed time
- The payment is automatically allocated and receipted to the correct invoice
- EasyVend handles complex discounts, rebate structures, multiple price levels and price adjustments.
- Payment processing is automated by through a reputable provider
- Your whole process is automated
Once you set up automatic credit card payments in EasyVend, the system will automatically handle the entire payment and receipting process for you. You never have to ask for money again.
COVID is forcing businesses to transition to far more efficient ways of operating. Cashflow is king! If you don’t have a solution in place that automates customers payments, you could be in danger of insolvency.
Distributors are realising the importance of automated payments. We have seen many distributors now refuse new customers unless they setup automated payment methods. Automated payments are very accepted in the new world from both a business standpoint and a consumer standpoint. More importantly automatic payments are far safer than people giving credit card numbers over the phone.
What are the main benefits of automatic credit card payments?
For Australian Distribution business there are 4 crucial benefits an automated credit card payment system gives you:
- Removes debt
- Eliminates customers who close owing you money
- Eliminates payment processing staff cost
- You can pass on payment processing fee and earn more money
Let’s dig into them a little further.
1. Removes debt
No matter what industry you’re in, you need to have a system in place that reduces your debt, if you don’t you could be in some serious strife.
Recent studies show 61% of Australian business fail due to high debt. Worryingly, this figure is tipped to increase in 2021 to almost 80% as a result of the COVID pandemic.
Using an automatic payment system in EasyVend, customer payments are automatically taken from your customer at the assigned time. The faster money comes into your business the less debt you will have.
Related article: 5 signs your business could have a cashflow hole.
2. Eliminates customers who close owing you money
It’s all too common in the Food & Beverage Industry to have customers who close owing you money. It’s frustrating and impacts your bottom line.
As the EasyVend payment system is completely automated, customer payments are taken at the time of purchase – reducing the risk of money owed.
Another feature you can implement in EasyVend is you can set customer credit limits. If a customer has an amount owing to your business, you can set a limit that stops them from ordering until the remaining debt has been paid.
Related article: 5 biggest frustrations in the food distribution industry.
3. Eliminates payment processing staff cost
Let’s face it, you are probably paying anywhere between 1% to 1.5% for your existing credit card payments, plus wage costs, plus administration time. It’s a really costly process.
Once you set up automatic credit card payments in EasyVend, the system will automatically handle the entire payment and receipting process for you. You no longer need to pay expensive wage costs and lose time on administration tasks.
This will cost you 1.5% plus 30 cents per transaction. If you want to, you can even add this as a surcharge onto your invoices meaning you will save even more money.
4. You can pass on payment processing fee and earn more money
As a business owner, you are always looking for new revenue streams. An added benefit of an automatic payment system is you can pass surcharges onto your customers.
Before adding any surcharges onto customer invoices, it is highly recommended you consult with all relevant parties to make the best business decision.
EasyVend Web ensures you get paid on time, every time – guaranteed to change your life by clearing your debtors’ list and saving you time.
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Want to learn more about EasyVend Web? Call us today on 1300 473 744 or submit the form below.