How to Avoid Delayed Payment for Monthly Purchase and Billing?

Whether we realize it or not, we keep seeking for the alternative to cut off even the shortest period of time, for example, in transaction. Same goes to the customers.

Sometimes, they couldn’t help but to look for the fastest alternative in things that require repetitive action every month in order for other things to fit in their daily routine perfectly.

We believe that these days recurring payment does not only matter in service subscription, but it also evolves in monthly ordering for food, groceries and office supplies.

When they started to find one by one thing got easier, they will expect the similar one from you too, so that they will no longer have any delayed or overdue payment.

How to avoid delayed payment?

1. Understand your business nature

Not all types of online payment can fit the nature of business that you are doing. Online payment represents fast but sometimes you will find some natures are not made for multiple times of paying online regardless of how fast the process can be.

Therefore, you might have this on mind, “Why is there some customers who skip paying or buying from me in this month?” or “Why do people delay their payments so frequently?” and ending them with this question “Is my payment system working as it promised?”

Some people has a very limited time. Sometimes, it is to the extent that they skipped their meals or had to skip family matters for other less important matters. Delayed payment is just a small part of life until they realize that the services that they subscribed are out of service and at that time they begin to panic.

This will lead to dying customer’s loyalty and losing the profits that you are supposed to gain. Customers made the payment late and your performance as a big entity can be severely affected. Your products are not selling and money is not received.

2. Use the suitable solution

There is a solution called auto billing payment or in other word, recurring payment. With this option, you can set up an automatic payment plan for your customers.

They will be given an option in which they do not have to pay by themselves, instead it is automatically paid with the card that they have registered. This alone will help them to save more time and be productive with other crucial things.

When you set up your customer’s bills or any payment to be paid automatically, the pressure from keeping track of what needs to be paid and any other transactions are relieved from their shoulder.

By using the right solution, your online shop can indirectly promote customer’s relationship and loyalty. They will know that you have a very deep concern over the customer’s behaviour when purchasing and paying the products and services.

3. Pay attention to the customer’s convenience

Convenience is the most important element to expect in online payment. In this case, the solution that you can consider is real-time payment. Immediacy was created by a business environment and technology has a role in making it works at it supposed to work. A part of the technology is the payment industry in which have evolved in order to help ease the payment process.

In order to fulfill the need of customer in immediate transfer of funds, banks introduced a system called real-time payment. This will allow the transfer of funds from one to another in the most convenient manner.

The real-time and recurring payment solutions could bring a positive and significant impacts to your business’ overall cash flow, faster pace of availability of funds, and enabling you to handle your budget well.

As a result, the customer will be satisfied over time, especially as they become more aware and comfortable with the technology that evolves in payment.

Without you realize, the online store will be able to generate more customers only by upgrading the payment options that you provide.

To discover how Razer Merchant Services can help you expand your payment options and increase sales, schedule a free appointment with our team today.