Tags |
|
|
Links |
|
|
Added for You - How to Reduce Accounts Receivable Costs by Over 50% with Auto Recurring Billing
Business is Very Similar to Understanding the Game of Hockey
Have you ever walked into a busy retail store, and heard a patron say, “this place must be making a fortune”? Obviously this analysis is simply based on the amount of people in the store at the time. Then maybe a year later, the same establishment closed. That very same patron might wonder what happened.Many people love to watch the game of hockey, why is that?They understand how the game works; enjoy evaluating and observing their favorite players in action. These fans will keep themselves up to date, go to the actual games, have long discussions with friends, watch the sport shows, and read the newspapers. Through these means they can study the players, know their stats, and can give an educated opinion on the game of hockey. Most of these types of dye hard fans are very passionate about the game, and some might agree with me when I use the term obsessed.
all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Have you ever walked into a busy retail store, and heard a patron say, “this place must be making a fortune”? Obviously this analysis is simply based on the amount of people in the store at the time. Then maybe a year later, the same establishment closed. That very same patron might wonder what happened.Many people love to watch the game of hockey, why is that?They understand how the game works; enjoy evaluating and observing their favorite players in action. These fans will keep themselves up to date, go to the actual games, have long discussions with friends, watch the sport shows, and read the newspapers. Through these means they can study the players, know their stats, and can give an educated opinion on the game of hockey. Most of these types of dye hard fans are very passionate about the game, and some might agree with me when I use the term obsessed.
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program Choosing an Accountant - A Make or Break Decision for Your Business Venture
Make no mistake, in the unhappy event of things going horribly wrong, it's you in the hot-seat, even if you think the accountant is to blame. So don't settle for the phonebook lottery approach. This is a VERY important decision, take your time, and do the research.This article is a checklist of some basic steps you can take to avoid the cowboys!1/ Ask around! If you have friends/associates in business then ask them to recommend an accountant to you. Accountants can be invaluable if they're good and disastrous if they're bad. If you know someone who has been through a few financial cycles with their accountant and still speaks well of them, that's a really good sign!2/ In most countries, declaring you have qualifications that you don't is illegal. So find out what qualification your accountant has. If you're in doubt get them to confirm it in writing.
Direct Benefits of Auto Recurring Billing for Businesses include:
- Faster payment processing (you get your money faster)
- Elimination of printing, mailing and postage costs
- Elimination of defaults and associated collections activities
- Streamlined data entry and bookkeeping
- Elimination of time consuming trips to the bank
- Normalized cash flow
- 24-48 hour NSF notification
- Improved customer service
- Ability to accept payments funded from credit/debit cards, checking account and savings accounts.
Auto recurring billing systems can be used for both static recurring charges (the same amount each time) or for variable bills. In either case, the recurring billing system saves time and money by obtaining advance authorization from customers to charge their accounts on a regular frequency and by entering customer information into a database system only once. That data is then accessed whenever payments are processed, and the customer record is updated to reflect each payment collected. The two examples below provide the steps involved in auto recurring billing systems that process static and variable recurring charges.
Auto Recurring Billing: Static Amount
- Customer data is entered once (including amount, frequency, duration, type of transaction and account information)
- Payment Processing System charges/debits account on schedule and counts down payments left (system can also be set for indefinite duration)
- Payment processing system automatically generates an email receipt for the customer and copies the vendor.
- Payment Processing System automatically identifies all failed transactions and reconciles with main database.
Auto Recurring Billing: Variable Amount
- Customer data resides in external database that calculates payment due
- Data, including amount due and account information is exported to .csv file.
- .csv file is uploaded to payment processing system as a batch
- Payment processing system processes all transactions in batch
- Report is generated for all successful and unsuccessful transactions
- Report is exported and then uploaded back into original database, reconciling all open balances with processed payments
Why Your Customers Want Auto Recurring Billing
Auto recurring billing is not only a time and money saver for businesses, but for consumers as well. In fact, many consumers are demanding it from the companies with which they do business—and if you don’t offer it, your customers may select a competitor who does.
NACHA.org, the organization that oversees all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program So You Want To Get Promoted
If you want to move up the corporate ladder, it won't be easy. The competition is intense. Here are a few things you can do to make yourself more promotable, starting with taking stock of yourself.What are your strengths? You want to build on those, while you work to make your weaknesses irrelevant.What do you offer the company, your team, and your boss? This will probably grow out of your strengths, but asking the question this way helps you think about contribution. All things being equal, the folks who get promoted are the ones who contribute to the company's success.Here's an example. A young coaching client of mine told me that she "didn't play the game" and "told the truth." She offered those as reasons why others might be getting promoted faster.After some work, she decided that what she offered her company was an accurate percepStreamlined data entry and bookkeeping
Auto recurring billing systems can be used for both static recurring charges (the same amount each time) or for variable bills. In either case, the recurring billing system saves time and money by obtaining advance authorization from customers to charge their accounts on a regular frequency and by entering customer information into a database system only once. That data is then accessed whenever payments are processed, and the customer record is updated to reflect each payment collected. The two examples below provide the steps involved in auto recurring billing systems that process static and variable recurring charges.
Auto Recurring Billing: Static Amount
- Customer data is entered once (including amount, frequency, duration, type of transaction and account information)
- Payment Processing System charges/debits account on schedule and counts down payments left (system can also be set for indefinite duration)
- Payment processing system automatically generates an email receipt for the customer and copies the vendor.
- Payment Processing System automatically identifies all failed transactions and reconciles with main database.
Auto Recurring Billing: Variable Amount
- Customer data resides in external database that calculates payment due
- Data, including amount due and account information is exported to .csv file.
- .csv file is uploaded to payment processing system as a batch
- Payment processing system processes all transactions in batch
- Report is generated for all successful and unsuccessful transactions
- Report is exported and then uploaded back into original database, reconciling all open balances with processed payments
Why Your Customers Want Auto Recurring Billing
Auto recurring billing is not only a time and money saver for businesses, but for consumers as well. In fact, many consumers are demanding it from the companies with which they do business—and if you don’t offer it, your customers may select a competitor who does.
NACHA.org, the organization that oversees all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program Since Ritalin, Humanism, And Outcome Based Education Are Not Working - Business Can Help!
There are solutions to schools gone wild that do not drug our kids, mask the truth about where feelings come from, call anything I do good or teach character as a series of definitions and posters.More...I was encouraged to see a recent article (along with several in the last few years) "The Great ADHD Myth" by Jenny Hope in the London edition of Daily Mail.One true story: My friend J was told that both of her adolescent boys needed to be put on Ritlan if they were to continue in public school. J and her husband began researching, seeking wise counsel, and praying. They came to the realization that before drugging their boys they needed to try total parenting. J quit her corporate job and took on free lance work as a photographer. The family moved down in lifestyle and house. Immediately, not in a few months or years, when J became a stay at home Moprovide the steps involved in auto recurring billing systems that process static and variable recurring charges.
Auto Recurring Billing: Static Amount
- Customer data is entered once (including amount, frequency, duration, type of transaction and account information)
- Payment Processing System charges/debits account on schedule and counts down payments left (system can also be set for indefinite duration)
- Payment processing system automatically generates an email receipt for the customer and copies the vendor.
- Payment Processing System automatically identifies all failed transactions and reconciles with main database.
Auto Recurring Billing: Variable Amount
- Customer data resides in external database that calculates payment due
- Data, including amount due and account information is exported to .csv file.
- .csv file is uploaded to payment processing system as a batch
- Payment processing system processes all transactions in batch
- Report is generated for all successful and unsuccessful transactions
- Report is exported and then uploaded back into original database, reconciling all open balances with processed payments
Why Your Customers Want Auto Recurring Billing
Auto recurring billing is not only a time and money saver for businesses, but for consumers as well. In fact, many consumers are demanding it from the companies with which they do business—and if you don’t offer it, your customers may select a competitor who does.
NACHA.org, the organization that oversees all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program American Business Principles Refined
American business is on the decline. Countries across the globe are producing products cheaper than and with higher quality than we are in the United States. Theorists have concluded it is everything from a lost work ethic to heavy government legislation. The truth lies somewhere in between these realities and reform is necessary in order to reverse the trend. The following principles should guide government legislators and business people alike in producing a business-friendly America.1.) Reform School Education: School education has swayed from its original purpose to develop citizens that contribute to American society, are prepared for the work force and for defending their country. Instead of reading, writing and arithmetic we are now teaching racial division, individualism and a ultra concern for social issues. Legislators and school administrators fail to re
Why Your Customers Want Auto Recurring Billing
Auto recurring billing is not only a time and money saver for businesses, but for consumers as well. In fact, many consumers are demanding it from the companies with which they do business—and if you don’t offer it, your customers may select a competitor who does.
NACHA.org, the organization that oversees all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program Real Estate Begins Its Downward Slide
Houses are above the reach of most potential buyers. The former demand meets dead stock. People back off after listing their homes out of fear of loss. The market is experiencing a great setback. It’s true, real estate is not performing as well as it did a few years back.Estate owners are unhappy with the prices the buyers quote. Buyers are scared to buy an estate at a price, higher than its present worth. Mortgage brokers and Realtors are out on the streets searching for new avenues. The once blooming tree has shed all its leaves now. Its old and bare, not a fruit seems to be in sight.I’m afraid but to end the scenario and close the affordability gap, prices of the once priciest estates will have to come down thereby moving the incomes one notch higher. The only question is how much would rising incomes and falling prices have to be adjusted to bridge the all electronic payments, reports that 54% of all US households currently use ACH (a direct-debit from a checking or savings account) for at least one monthly bill. Auto recurring billing takes ACH to the next level—eliminating the need for the customer to actively pay a bill (whether by paper check or online).
Direct Benefits of Auto Recurring Billing for Customers include:
- Bills are automatically paid on-time, every-time, even if customers are ill or out of town.
- Late payment fees are eliminated
- Time and expense of writing and mailing checks is eliminated
- Customers can keep electronic records of all invoices and receipts
- Electronic payments are more secure than paper checks
How to Implement an Auto Recurring Billing Program
Implementing an auto recurring billing program is simple.
If you currently accept payments electronically via direct-debit from a checking or savings account, or via credit card, you can likely use your current payment processing system to implement auto recurring billing. The auto recurring program can be implemented in two ways.
- Use the auto recurring billing functionality in your business management software (such as QuickBooks), and export a batch (daily, weekly, monthly) for processing in your payment processing system. This is best for variable payments.
- Implement the auto recurring billing function in your payment processing program (note that some companies require an additional charge for this function.) This is best for static payments.
If you don’t already accept electronic payments, you will need to subscribe to this type of service. The simplest way to do this to find a service that will enable you to perform ACH transactions using your current business bank account. This system will enable you to set-up an auto recurring billing program for your customers where you can direct-debit their checking accounts for outstanding balances. (An additional benefit to this type of system is that you can electronically process any paper checks you still receive from customers who do not elect to participate in the auto recurring billing program.).
Marketing an Auto Recurring Billing Program to Your Customers
Once you have processing capability in place, you can open the auto recurring billing program to your entire customer base. Many consumers know about these programs and are excited to sign-up for the new offering. Others need to be educated about the electronic payment process, and the benefits it can provide them.
Note that you cannot enroll a customer in an auto recurring billing program without explicit permission. Each customer must provide you with bank account information and sign a form giving you permission to debit that account.
Electronicpayments.org provides a wealth of information about electronic payment processing, and also provides materials you can use to educate your customers.
Most organizations introduce auto-recurring billing programs by sending a letter to the customer base, and asking them to sign-up for the program. A sample customer letter is available here.
When customers have signed up, you stop mailing them paper invoices, they stop mailing you paper checks and all billing and collections are handled electronically.
****************************************************
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.added4u.com/article/2466/added4u-How-to-Reduce-Accounts-Receivable-Costs-by-Over-50-with-Auto-Recurring-Billing.html">How to Reduce Accounts Receivable Costs by Over 50% with Auto Recurring Billing</a>
BB link (for phorums):
[url=http://www.added4u.com/article/2466/added4u-How-to-Reduce-Accounts-Receivable-Costs-by-Over-50-with-Auto-Recurring-Billing.html]How to Reduce Accounts Receivable Costs by Over 50% with Auto Recurring Billing[/url]
Related Articles:
An Introduction To Workholding Components
What Type of Employee Benefits Should Your Business Offer?
Expecting Your Staff to Multitask? It's Not Necessarily a Good Idea
Bookmark it:
|