Enabling your clients to offer a choice of payment services to their customers is all about helping them pocket their money faster, right? Right. And wrong. Because that’s not the only good thing about it.
The processes by which we exchange goods can enable a healthy cash flow, streamline processes, provide choice, and facilitate much-needed peace of mind – for you and your clients.
We spoke to one partner and one small business owner to see how a choice of payment services impacts their day-to-day business – and to get the lowdown on the key benefits.
The beauty of choice
It may sound simple, but the ability to offer customers a choice of payment gateways to use reflects a condition of the business world today: people demand choice. And rightly so. Decisions about the payment options that a business offers can impact the processing time of payments, the simplicity of processes, and more.
“Since my introduction to Xero, I have been advising my clients on the amazing ability Xero has of linking to online payment providers like Paypal and Stripe,” says Brad Sewitz, a supervisor at Logicca Chartered Accountants, whose clients appreciate the benefit of having payment data flow through to their accounting software.
And the choice available to Xero users will continue to grow as we roll out new payment options like BPAY into the Australian market.
Control over cash flow
Late payments have been called the “silent killer of modern business” and, according to statistics compiled by the small business ombudsman’s office, poor cash flow is the reason behind 90 percent of small business failures.
But there is hope, and most of the improvements come through using efficient technology.
“These services have changed the way my clients operate their business,” says Brad. “They reduce the unnecessary burden of data capture and positively impact their cash flow, allowing them to focus solely on what they do best – running their business.”
The ease of automation
As the world gets used to more automated processes, the “unnecessary burden of data capture” has become exactly that: unnecessary – and unwelcome. Customers demand streamlined processes to remove inefficiencies from their payments processes.
They want to know that they can free up staff from manual work and eliminate data entry error by using innovative payment system tools such as replicated bills, online invoice payments and the batch payments that upload into their online banking portal from Xero.
“I’ve been using a payment service provider for the past two years,” says Arik Fine of Ice Dot, a small business that creates innovative safety technology for sports and outdoor enthusiasts.
“Wow, what a difference it has made. I’m not good with the numbers but I’ve noticed I spend less time chasing my customers for payments. Money automatically comes into my bank account and I see those invoices have been marked as paid in Xero! Just brilliant!”
Peace of mind through payments
The beauty of Xero is that you look at the exact same financial data as your client’s business is using. With tools such as the assurance dashboard, you have in-built controls to identify mistakes or unwanted activity and ensure the integrity of business financial data. Automated processes including batch payment processing reduce the opportunity for manual error or manipulation of data.
And that’s a story worth sharing.