5 Reasons You Should Be Switching to Bank Payment Collection (Right Now)
Collecting cheques, messing around with cash, getting crushed by huge credit card fees. Uggghhh. Does payment collection really have to be such a pain? Nope.
Should you switch to an easier, less stressful, more affordable way to collect recurring payments? Yep.
1. Bank Payments Are Faster Than Cheques
I’ll level with you – cheques are lame. I’m sorry to say it, but it’s true. They’ve been faithful companions for thousands (actually) of years, so it’s time to give them a break.
Let them retire in peace.
These days, cheques are a pain to deal with. First of all, you have to wait for your customer to give you a cheque. That alone can be a…unique struggle. Your customers are busy people, and they don’t want to make a trip just to drop off a cheque.
So, you end up calling them. And emailing them. And building signal fires that say, “Please drop off your payment”.
It isn’t over once you get your cheque. Even after it’s in your hand, you need to make sure your customer correctly filled it out. Mistakes can be made when writing a cheque, and if there is one…it’s back to your customer for a new one.
Not great.
Now you have the cheque, it’s filled out correctly, all that’s left to do is deposit it at the bank. Simple, right?
I don’t want to be too hard on cheques, but they’re not the easiest payment method anymore.
2. Bank Payments Are Easier Than Cash
Cash suffers from some of the same frustrations as cheques when it comes to bank payments.
As with cheques, you still end up waiting on your customer. And like cash, your customers have busy lives too. It can be easy to forget to drop off a payment on time, which makes life more stressful for you. And just like cheques, it’s not over when you receive the payment.
You still need to take that money to the bank, and who wants to carry stacks of cash with them?
3. Bank Payments Are Cheaper Than Credit Cards
Credit cards. Now that’s a pretty modern method of payment, right? Right! However, it comes at a cost. Credit card payments can be downright expensive to collect. Most processors charge a monthly fee, a per-transaction fee, and then fees up to 2.99% ON TOP of the per-transaction fee and monthly fee. Yikes.
Not good at all.
By comparison, bank payment processors often charge only a monthly fee. No per-transaction fees, no percentage nonsense, just a monthly fee.
An affordable monthly fee, in most cases.
When you’re looking for a bank payment processor to handle your bank payments, make sure you shop around on price. You’ll find that bank payments are one of the most affordable ways to collect recurring payments.
4. Bank Payments Make Bookkeeping Easy
Some people love accounting and bookkeeping, and some don’t.
Like Hawaiian pizza.
Whether you love bookkeeping or not, reducing your time spent bookkeeping is a good thing. The less time you spend doing your books, the more time you can spend doing other things.
Like growing your business.
Because bank payments are electronic, the payment records you need are just a few clicks away. Instead of wrestling with stacks of paper, everything is handled electronically. Plus, when tax time comes the electronic nature of bank payments makes it easy to get the information you need.
You can forget about wondering if certain customers have already paid for the month. Payments are updated in real-time, so you know the exact state of your customers accounts.
5. Bank Payments Are Made to Make Your Life Easier
Running a business is challenging enough. You don’t need extra stress, especially when it comes to getting paid.
Bank payments are designed to make your life easier.
From signing up your customers, to collecting your payments, everything is a snap. That’s why small businesses are choosing bank payments for their recurring payment collection.
It makes life easy.
Want to learn more about bank payments? Contact us! No sales pitches, we promise.
