Improving cash flow is a top priority for most services and, as a result, many organisations are turning to online payment options to get paid faster, save time and reduce costs.
By using the Infocare online credit/debit card payment option, services can automate their receipting process, provide more options for parents/caregivers to pay, and significantly reduce the number of paper invoices that must be printed and sent. There is also the added advantage of no waiting for transactions to show and then waiting for funds to clear.
Collecting funds and reducing your bad debt is exceptionally easy and cost effective with the Infocare online credit/debit card payment option
What are the benefits of accepting credit/debit card payments?
Credit and Debit card payments are increasingly becoming Kiwis' payment method of choice. If your service is not yet accepting online payments from credit/debit cards, there are plenty of reasons why you should consider it. Various studies have suggested accepting online credit and debit card payments will, over time, typically increase sales by 30% and reduce outstanding debt by up to 40%.
Cash flow improvement - Online card payments clear far quicker than cheques or cash that needs to be banked. Online credit/debit card payments are reflected in your bank account usually within hours. Compare this to the often long process of mailing invoices, waiting for payments and then having to bank the cheques and cash.
Easier administration - Online credit/debit card transactions are automatically processed by Infocare and recorded on the parents account. Save valuable time and improve accuracy by not having to manually enter receipts.
Impulse payments - Take advantage of impulse payments. Parents don't have to have cash on them and can make payments with a few simply clicks directly from their emailed invoice or statement as soon as they receive it.
Improved security -Reduce the risk of losing cash or cheques held in the office for banking.
Parents tend to spend more with online credit/debit cards - Parents might initially go to pay a specific invoice, but end up paying the entire balance on their account, because the account balance is available for them to see.
Flexibility - Parents like the flexibility of online credit/debit card payments, whether or not they ultimately choose to pay by online credit/debit card, they appreciate the option. By adding this additional payment option, you do not risk losing any parents who prefer to pay by cash, cheque or internet banking. You are simply offering a further convenient payment option which some people may prefer, while others may just need to use it when they have limited funds available.
Financial management - Some parents use credit/debit cards to manage their personal cash flow, spreading payments out over the course of several months. Others regularly use a specific card because it offers some reward such as air miles or cash back. These parents will be more likely to bring their children to your service if you have online credit/debit payments available.
Encouraging trust - The public tend to trust companies that accept online credit/debit card payments. Your parents may associate the acceptance of online credit/debit card payments as a sign of your legitimacy or believe it identifies you as an established and reliable business.
Competition -The chances are that some of your competition may already offer online credit/debit card payment options. When looking for places to enrol their children, parents don't only look at the best care/education facilities, they also look for services that have flexible payment options. Be ahead of the game by providing online credit/debit card payment facilities.
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Make payments for your parents easier now. Contact Us to find out details on the various cost options.