Small businesses struggle with payment collection and payment options in a uniquely frustrating way. Class-based businesses like martial arts studios are a perfect case in point.
Consider these scenarios, and if any of these have ever happened at your business:
- An instructor gives out a belt or uniform, and forgets to charge for it.
- A student takes a bottle of water or snack and is not charged.
- Divorced parents would like to split a monthly bill.
- A well-meaning grandparent would like to give one month of lessons to their grandchild as a gift.
- What is meant as a one-time discount is applied to multiple months of bills.
- A student is left off of a roster and payment is not collected for several months of classes.
- A student is charged for a class or service that they cancelled.
- A parent on one account would like to use multiple forms of payment, such as credit card, cash, and PayPal.
There are so many complications that can arise when accepting payments, and these are only a few examples! Passion-based businesses, such as martial arts studios, are forced to spend far too much time on payment collection, processing, and bookkeeping.
Many unnecessary hours are spent reconciling numbers and invoices; these hours could be better spent teaching, growing your business, or spending time with your family.
And as a business owner, one of the worst and most uncomfortable conversations to have is about money. It is especially frustrating and embarrassing when an error is made on your end that leads to a large, unexpected fee being imposed on your client.
This is where Finli can provide an invaluable service. Our software allows you to:
- Offer a variety of prices for each class
- Collect, maintain, and track payments and issue invoices on a weekly, monthly, or quarterly basis automatically
- Add discounts on individual line items and with any frequency you’d like
- Log all transactions in your business portal
- Manually add cash and check transactions in your business portal
- Provide customers with an app that clearly shows line items for purchases
- Collect payments and contributions from a variety of family members and friends
- Charge for recurring payments such as classes, as well as one-time payments such as for uniforms, equipment, or snacks
Gone are the days when you needed to chase parents down for payments, refuse new forms of payment, or log individual transactions in an Excel spreadsheet as they occur.
Finli removes all of the barriers to accepting payments, schedules and sends invoices on your behalf, and creates an incredibly user-friendly system for families to pay any way that is convenient for them.
On the back end, all of the details of each transaction are clearly provided to you! No more adding each transaction into a separate spreadsheet.
There are many instances in which Finli can simplify small business accounting – if you think that your business could benefit from what we have to offer, you can schedule a personalized demo.
It’s time to simplify payment collection and processing – and Finli can help.