For decades, the common refrain in business was, “Cash is king.”
In the new digital world, you commonly hear, “Content is king."
I’ve been known to say in the software world, “Usage is king.”
But the fact is, cash is still king. If you’ve ever doubted that, just notice what happens when your merchant account provider holds back your cash for some (usually completely illegitimate) reason. It’s a seven-alarm fire. Because cash really is king.
If your blog temporarily stops working (content) or your customers temporarily stop using your product (usage), it’s problematic, but you can survive. On the other hand, cut off the cash and you’re toast
Because cash really is king.
This topic is top of mind for me this morning because yesterday I was talking to one of our product managers about a feature we introduced a couple months ago in our payments solution to help customers collect cash more effectively. It’s a simple little feature called “Account Updater” that automatically updates expired credit cards. Every month, a percentage of your customers’ cards expire and it becomes difficult to collect the cash. With Account Updater, Keap Payments customers don’t have to worry about it.
Pardon the commercial. I don’t mean for this to be an ad. I was just stoked to find out yesterday that since we introduced Account Updater, our customers have been adopting Keap Payments at a faster pace and they’re loving this feature.
And who wouldn’t? Because cash is king.
SBS Idea of the Day: Whether you do it manually or automatically, put in a monthly process for updating the credit cards in your system that are due to expire next month. Mathematically, about 8 percent of your customers’ cards are going to expire next month. If you’re counting on your customers to update their information with you, cash will slip through the cracks of your business.