How to Increase Business Efficiency with Online Payment Tools

Accepting payments online is a fast, easy and secure way to increase the efficiency of your business. American consumers spent more than $289 billion online in 2012, according to Statista. For your business this means that more customers than ever are comfortable with paying for goods and services online. And it’s never been simpler to integrate online payments into your billing process. Take advantage of the shift towards ecommerce and online payments. It’s a trend too powerful for your business to ignore.

Here are three ways online payment tools can increase the efficiency of your services business.

Manage cash flow with immediate payments

Online payments are immediate, and free you from reliance on snail mail or collecting on-site. In addition to increasing the speed of payment, online payments are secure and trackable, which guarantees you will never lose another customer’s check in the mail. Faster payment turnaround helps you put your money to work, paying staff salaries, buying equipment or saving for a rainy day.

You can quickly increase the volume of online payments by offering customers a discount on their bills for paying online, or another incentive. While there is some monetary cost involved, the efficiencies created when your customers become comfortable paying you online will pay for themselves quickly.

Eliminate paper-based processes

Online payments cut down on the hidden costs of paper. As we have previously discussed paper creates a costly bottleneck. Online payments free your employees from the need to manually enter payment data to generate financial reports. A robust online payment system will automatically generate customer receipts, invoices and update your accounting software without the need for paper.

Increase Customer Interaction and Boost Lifetime Value

Online payments enable you to start an ongoing conversation with your customers. Use the payment submission process to alert your customers and clients to upcoming promotions and benefits, such as the launch of new service lines, promotional discounts, new customer referral bonuses. You can also use the online payment process to remind customers to schedule their next appointment online. Increasing the lifetime value of existing customers is a much more cost effective way to grow business profitability than acquiring new customers, says David Skok in For Entrepreneurs.

Vonigo’s online payment tools make it easy for services businesses of all sizes to quickly and effectively manage customer financial data. Access customer accounts on-the-go, track payments and schedule appointments in one convenient interface. To find out how Vonigo’s online payment solutions can improve the efficiency your business, sign up for a demo today.