Why Accepting Digital Payments for Your Business is a Smart Move
In the interior design industry, chasing your clients for payments can feel like a full-time job. Unfortunately, when you send your client an invoice, there’s no guarantee that you will be paid in a timely manner. Thanks to modern technology, Ivy makes the payment process painless for both you and your client. The solution? Digital payments.
Requesting your clients to transition from legacy payments such as checks to e-payments will not be a challenge once they understand the ease. According to a study conducted by Capital One, small businesses who accepted digital payments saw increased customer satisfaction of 73%, improved customer service of 69%, and increased sales of 68%. If you can offer your clients a link to pay for your proposal or invoice digitally, chances are, you’re going to get paid much faster. Here’s why you should start accepting credit card and wire transfer payments through Ivy.
The Transition is as Easy as Pie, for Both You and Your Client
Writing a check adds more unnecessary steps to the payment process and delays payday. Offering your client a digital way to pay you makes things simpler for your client. According to Freshbooks, electronic payments are made ~8 days faster than using traditional payment methods such as check or cash. On the other hand, you may not be super tech-savvy, but setting up your Ivy account to receive wire transfer or credit payments is super easy. Access your payment settings in your account settings, and connect your bank account. Once you verify your bank account, sending your proposal or invoice out to payment takes less than 30 seconds.
Simply open your proposal or invoice and select the “Review & Send” button
Confirm your client’s email, customize the subject line and message, and select which payment options you’d like to receive.
Your client will receive this proposal or invoice to review and have the option to pay via bank transfer or credit card.
Electronic payments are made ~8 days faster than using traditional payment methods.
Process Payments Through the Best-In-Class Online Credit System
Ivy uses Stripe, voted “Best Online Credit Processing” System (by Business News Daily) as our payment processor. Why? Because Stripe is simply the best way to accept digital payments, managing billions of dollars each year for innovative business worldwide. Stripe has set the industry standard for accepting online and mobile payments, and well, we only provide our users with best.
Improved Cash Flow and Increased Profitability
Digital payments not only post faster than checks, they reduce expenses incurred by false accounts and bounced checks. E-payments help reduce fraud, as more than 40% of small businesses experience fraud when using paper-based checks. Frankly speaking, credit card payments have become THE most common payment method, regardless of the industry. According to the Small Business Administration, “the convenience of making credit card payments is a leading factor in encouraging consumers to make ‘impulse purchases’.” This means that if your client has the flexibility to pay for your services in credit, they’re much more likely to pay you faster. FitSmallBusiness.com reported that accepting credit cards can increase the “size of a company’s average order by as much as 40%.” Ivy processing fees are very competitive (1.2% for wire transfer and 3% for credit card payments) and at the end of the day, these fees are insignificant.
40% of small businesses experience fraud when using paper-based checks.
Get Paid in Days, Not Weeks
Not only do digital payments save you a trip to the bank and post office, it saves your client some time as well. The time it takes for you to print your invoice, send it to your client, have your client review the invoice, write a check, and send it back to you via snail mail can take up to 1 month.
We’ll Politely Nudge Your Clients
Chasing your clients isn’t fun. However, checking in on payments is part of your daily routine and good manners will most likely increase your probability of getting paid. According to Freshbooks, adding a “please” or “thank you” to a proposal or invoice can improve that document’s likelihood of getting paid by more than 5%. Furthermore, we’ll remind your clients on your behalf when a proposal or invoice is overdue for payment. Don’t worry, we’ll include the proper “please” and “thank you”, as good etiquette goes a long way in this game.
Adding a “please” or “thank you” to a proposal or invoice can improve that document’s likelihood of getting paid by more than 5%.
Automating Your Books
Receive client checks for the wrong amount? This will no longer happen once you request an e-payment through Ivy. The amount you request from your client is the exact amount your client will pay via credit card or wire transfer. On the client-end, there’s no option to change the payment sum, greatly reducing the margin for error. Accidentally mark the wrong invoice as “paid” with a check? This will no longer be an issue once your clients’ digital payments are directly connected to the documents you send for payment. Once you receive a digital payment through Ivy, the date of payment, sum, type and reference id are automatically recorded in your Ivy account with its corresponding document. If you sync to QuickBooks, your QuickBooks account will be auto-updated with all of your payments as well. Trust us, your accountants will sigh in relief.
You’re Going Green
In addition to helping your business improve operations, lowers costs, and reduce risk, electronic payments help your company be mindful of the environment. Not only will you be getting paid faster, but you and your client will be saving lots of paper on printing documents, envelopes, stamps, and of course, checks.