Every day more and more processes are moving online. Payment forms, account signups, and even online merchant applications are quickly moving to online-only formats. Not surprisingly, the design of your online payment form can increase or decrease your customers’ completion rates significantly, and therefore affect the volume of online payments you’re receiving!
Here are 10 tips to design an effective online payment form:
There are literally dozens of industries that can benefit from accepting online payments. As a consumer, it’s a real bummer when a business (large or small) that I frequent is not setup for online payments or online anything for that matter! With a busy work life, travel, and hobbies, when I need to pay for a service I’ve consumed, I want it to be easy and convenient.
Here are five industries that can benefit the most from accepting online payments. If you own a business in one of these industries, consider adding online payments to your payment collection arsenal. If you frequent these types of businesses, consider asking them to add online payment processing to make things easier for you.
Small businesses could find it much more difficult to collect payments quickly following the U.S. Postal Service’s decision to stop its next-day delivery.
Forced to downsize considerably, the U.S. Postal Service announced last month that it would shut down half of its 500 processing centers, fire 28,000 employees and eliminate its service of delivering mail the next day. According to the USPS, about 40 percent of all first-class mail is delivered the next day.
New research from REL Consulting indicates that the change could cost up to $100 million per year for businesses that collect payments by mail.
Customers want more flexible and convenient options for paying bills. A new study from leading financial services provider Fiserv, Inc., shows an evolution in bill payment behavior and opportunities for businesses to accept credit cards on their website, through e-mail invoicing, and automated recurring billing.
The 2011 Billing Household Survey showed how consumers are using multiple channels (online, telephone, mail and mobile) to pay their bills, with nearly 20 percent of consumers changing their payment technique every month.
According to the findings, consumers indicated that choice is incredibly important when it comes to paying bills, mostly because of timing, convenience and available funds.The most common option people chose was paying bills online, followed by check and recurring billing.
Recently we conducted a survey of our small business customers to find out:
- How they billed and collected payments from customers before they automated their receivables
- What was important to them in a payments solution
- What benefits an online receivables solution provided to their business
What Are the Benefits of Recurring Billing Software?
If you have a subscription type service or product, automating recurring billing is an absolute must. There is no sense spending time each month re-billing customers the same amount. The amount of time you can save by automating billing is tremendous. In addition to time-savings, the insight into historical and projected revenues that comes with recurring billing software will help keep tabs on your business growth and revenue forecast at all times.
How to Choose the Best Recurring Billing Software for Your Business?
There are many recurring billing systems available that will automate your billing and more. But, given the wide variety of choices, it can be tough to figure out which system will work best for your business. Here are 10 tips to consider as you take the journey of automating recurring billing:
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Thinking about setting up an online payment form for your business? You have several options to accomplish the task – each with its own pros, cons, and costs. In this post, we’ll examine how to set up an online payment form using in-house development versus an outsourced solution, and point out the advantages of each. ...