You probably didn’t invest in a franchise to spend your time chasing down payments from your customers. In fact, I know you didn’t!
Yet, every day I hear stories from franchise owners about how much time and energy they waste chasing down payments. And it can be awkward! It doesn’t have to be like that. I’m sharing a few of the stories I’ve heard and recommending a better solution. Read on to learn how to create a painless (even enjoyable) payment experience for your customers — and for you.
1. Collect Payments When the Sale Happens
“I have to wait until I get back to the office to request a payment.”
When providing services in the field, this franchise owner needed to drive back to their office to send an invoice or call their customer to collect payment information.
A streamlined solution: After the job is complete, when you’re standing in front of the customer, is the best time to get paid. Don’t miss that opportunity – collect the payment face to face with a mobile app and swiper.
2. Gather Payment Information Efficiently
“I don’t have way to collect payments electronically, so I just write down the credit card number on the receipt.”
Either in the field or in the office, this franchise owner writes the customer’s payment information on a piece of paper and then manually enters that credit card information for processing. This has several risks – losing the information, writing the information incorrectly, and creating an identity breach.
A streamlined solution: Use a PCI-compliant online payment solution, such as PaySimple, to collect the payment in a way that works best for the customer and stores their information securely.
Bonus tip: Have repeat customers? With an online payment solution, you can store their information securely for later use, meaning you’ll never have to complete this process again.
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3. Quit Chasing Checks
“I drive to a PO Box every day to see if anyone has sent me a check.”
This franchise owner is driving to the post office to collect payments. Let’s say it’s a 15-minute drive one way. That’s 30 minutes of driving 5 times a week. Over a period of time, this really adds up! And they still have to take those checks to the bank to be deposited.
A streamlined solution: A software solution will take care of this for you! No more sitting in traffic, spending money on gas and vehicle maintenance, or getting to the post office to see that there’s nothing there.
4. Cut the Cord
“I spend an hour a day on the phone with customers trying to make a payment.”
This franchise owner is wasting valuable time sitting by the phone, or being interrupted by the phone, to make sure they get those calls. And there’s still a risk for miswriting the payment information from customers.
A streamlined solution: Accept payments online with a secure, PCI-compliant online payment form or embed a Buy Now button your website. No risk there!
I also hear a lot of concern from franchise owners about transaction costs. It’s incredible how much the cost of processing payments can vary across locations in a single franchise system. I’ve met franchise owners in the same system, no more than 100 miles apart, receiving drastically different rates from the same payment processor. Your franchise should have predictable transaction rates to make sure you’re saving money and to make budgeting as accurate as possible.
At PaySimple, we’ve helped 100’s of franchise owners conquer these core obstacles (plus many more). Not only has partnering with PaySimple demonstrated an increase in revenue, but we’ve also brought marketing, payments and customer retention into an online, mobile-friendly world.
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