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You just provided your client with your product or service, and now it’s time to get paid. Should be pretty straightforward, right?
One would think ...
But that’s not always the case. You’re probably all too familiar with clients who don’t pay right away or forget to pay and don’t pay until you’ve sent them a couple past due reminders.
And even if you collect payment immediately after you’ve provided your product or service, you still run into problems like bounced checks and chargebacks (a disputed or fraudulent transaction that ends up as a loss for you) if you accept credit card payments. Things like this slow down your cash flow which is never a good thing for any business.
You’re not alone. According to new national research from WePay, 59 percent of businesses who have experienced cash flow challenges said it’s had a consequential to highly consequential impact on their business.
And it’s not just a financial impact—it also affects your well-being. The survey showed that 56 percent said the emotional impact was also consequential, and 44 percent said it had the same effect on the administrative side of managing payments. WePay’s survey also reported a 15 percent lower incidence of cash flow problems with business owners who use software that integrates payments.
There’s a lot that goes into getting paid and managing payments, especially if you’re manually processing them. But, more and more options that can help you streamline your payment process are becoming available—from stand-alone tools like mobile credit card readers to fully integrated cloud-based solutions. These products can help you get paid quickly, save time and money, and reduce stress.
Download our guide to discover how automation by Keap can save you time and help you get paid faster.