Merchant

Key Benefits for Outsourcing Missed Payments

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If you own or manage a business, you’ll know how important it is to have a regular, steady flow of cash coming in.

If you own or manage a business, you’ll know how important it is to have a regular, steady flow of cash coming in. It essentially keeps your business running, allowing you to pay for never ending overheads like staff, purchasing products and equipment from regular suppliers, facility and maintenance costs. The list goes on.

For most businesses, the usual source of cash flow coming in is payments from customers. When a payment is missed by a customer, or several customers, you can imagine the flow on effects it can cause for your business. Before you know, your business that was sailing smoothly earlier in the year is now struggling to stay afloat.

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Late payments cost Australian small businesses 7 Billion dollars a year and it’s getting worse

Missed payments is a situation that’s becoming increasingly common for businesses in Australia. The latest figures show that late payments cost small businesses 7 Billion dollars a year, and the issue is only getting worse.

Below are a few reasons why outsourcing your missed customer payments to Transacty is the best decision your business can make.

Missed Payment Specialist

Let’s be honest, most business owners aren’t equipped with the skills needed to recover missed payments from their customers or clients. And why should they be? Their skills are focused on running a business, whereas the team of missed payment specialists at Transacty are extremely skilled at recovering debt.

With years of experience in managing and collecting missed payments on behalf of businesses, Transacty’s professional team are highly trained in the best methods of how to deal with clients. Their friendly, professional manner avoids creating any uncomfortable situations, focusing on prompt, on the spot payment and escalating matters if payments aren’t made.

With an extremely high success rate in recovering debt, you won’t have to worry about a thing.

You can now focus on running your business while Transacty focuses on recovering any money you are rightfully owed.

Powerful, Cloud-based software

If you are still invoicing businesses, then you’re opening yourself up to missed payments. Regardless of measures like issuing invoices promptly and following them up, or offering discounts for early payment, they will only get you so far.

Transacty is much more than just a dedicated team of highly trained payment specialists; one of it’s key benefits lies in it’s cloud-based payment platform. By opting to process your client payments through Transacty’s Platform, you have more control over how and when the payments to your business are made.

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To begin with, you and your client must agree to the payment terms prior to commencing any product or service related activity. Once the payment plan is agreed to, you collect your clients payment details, and then the amount is automatically direct debited from their bank account.

If a payment is missed on the scheduled payment day, Transacty’s dedicated payment team will receive an instant notification via the platform and will contact the client for prompt payment until it’s received.

Payment Flexibility – Choose what’s right for your business

The added benefit of Transacty’s payment platform is that it can create flexible payment plans to suit your business and your customers.

You can offer your customers the ability to pay for your product or service on a subscription basis, making it more affordable. Alternatively, you could simply agree to receiving the one lump sum payment. The choice is yours.

Furthermore, if you have bills and overheads to pay at a certain time of the month, then you can choose for your clients payments to be made the previous week, ensuring you have the cash flow to cover your expenses.

Real-time reporting – Business insights

Most businesses would love to dive deep into their data to see how their business is performing, but simply don’t have the time. With Transacty’s powerful platform, you’ll be able to access it’s incredible reporting features, providing invaluable insights that many business owners weren’t privy too.

From weekly, monthly, to yearly reports, you’ll be able to review the stream of income into your business. Identify busy or slow periods where you’ll need more cash reserves, which payment plans work best, or create custom reports. The powerful reporting functionality allows you to make educated decisions about your business based on real-time reporting.

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Conclusion

Outsourcing your missed payments to Transacty will be one of the best decisions your business can make. Transacty’s dedicated team of payment specialists are equipped with the skills needed to quickly recover debt owing to your business.

Furthermore, Transacty’s powerful cloud-based platform allows you to create flexible payment plans, capture customer payment details prior to work commencing, and provides valuable business insights with real-time reporting.

If you’d like to learn more about Transacty, give us a call today. We’d love to help.