Transcript: With autopay, you set it and forget it
It depends on the type of business and the services offered. Let’s say you’re a daycare center. Your invoice amount and frequency will most likely to remain consistent unless there is a life event. The family moved away, the child grew up, financial changes, etc. otherwise both parties, the daycare and the payor could really benefit from an auto-payment solution.
Let’s start with the pros for a small business owner:
- You save time – think about the hours you spent on invoicing, processing payments and reconciliation on a monthly basis?
- You reduce payment processing errors, delays, and fees
- You decrease risk and liability from having access to your customer’s payment info
- You gain transparency and predictability when it comes to cash position
- You no longer have to chase down payments…
- You increase customer retention and satisfaction bc customers love it when you’re making it super easy and convenient for them
Now the cons:
- You might have to intervene if service has been cancelled but you forgot to turn off autopay
- Could potentially overcomplicate your operations when you’re already trying to manage a la carte services and packages
Irrespective of your situation, incorporating auto payment in your business is worth exploring.
Learn more if auto payment is right for your business, reach out to us at finli.com.