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New Years Resolutions: A recurring theme

For many, the new year brings the ever-popular, though seldom fulfilled, ‘New Years resolutions’. Yep, it’s that time of the year when, having reflected on many of the things we failed to do or achieve in the previous year, we seek to implement all many of new activities in an effort to achieve our goals. This phenomenon is as prevalent for businesses as it is for individuals.

In 2019, we at Payleadr would encourage our readers to think not only about doing in 2019 what you failed to do in 2018 but to also seek to better do in 2019 the things you did do in 2018. Don’t lose focus on the objectives you worked towards in 2018 but instead strive for continuous improvement in the processes you put in place to help you achieve your business goals.

At Payleadr, we work tirelessly to help businesses streamline the collection of regular customer payments with an aim to increase the payment collection rate, reduce arrears and dramatically reduce the administrative workload and costs of our clients. When applying the concept of continuous improvement to this area of your business we would encourage you to ask the following questions of your recurring billing provider this year:

  • Can I receive my customer funds faster? How long are you holding my customer payments before you release them to us? Are you receiving interest on those funds? What interest could my business be earning if we received those funds faster?
  • Am I locked in to a contractual term? Is my arrangement with you exclusive? Could I compare other recurring billing providers alongside my existing solution under the terms of my contract?
  • Is my business ever hit with failed payment fees if you are unable to recover them from the customer?
  • Can you review my fee structure? Are my transaction fees competitive with other providers?

In an area as important as billing management, you owe it to your business to undertake regular reviews. Compare providers, ask for proposals – who knows, you may be surprised at the deals and technology now on offer. At worst, use these proposals to create a bit of competitive tension with your current provider.

Contact Payleadr today for a no obligation discussion to assess whether we can provide you with a better platform for growth at competitive rates.

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“We have had an awesome experience working with Payleadr to get our direct debit platform up and running before the opening of our business. We would not hesitate to recommend Payleadr to other businesses. The platform is straightforward and simple to use and the support staff are quick to help and respond to your queries.”