When running a business your main goal is to collect payment from your customers. Everything you do is motivated by revenue in some way. Your mission for payment should always be “If a customer is trying to pay me, let me make it quick and easy.” That seems pretty straight forward right?
This morning I called the Hard Rock Resort in Orlando, Florida. I wanted to pay off the remaining balance on my upcoming vacation. Little did I know that after speaking with someone it would take up to 24 hours to send an email with instructions. Inside the email is a form. It asks me to scan my driver’s license, front and back of the credit card, fill out a full page form and then fax it back. Do you see a problem in this payment model? I do.
If a current client, one that already made the upfront payment on the contract, contacted you expressing interest in paying their invoice before it was due would you make them jump through more hoops? A discount seems much more appropriate. But even without that gesture wouldn’t you want to simply say ok?
If your business has an online ecommerce store front you know very well how additional steps kill your revenue. Spyre Studios published a great article on more usable ecommerce. These customers have cash in hand and want to pay you now. Let them do it. Don’t make them sign up for an account, verify their contact information and then read lengthy rules for doing business with you. It doesn’t happen at brick and mortar stores. It doesn’t happen at restaurants. It shouldn’t happen online or over the phone either.
What steps do you take with your business to ensure customer satisfaction during payment? Do you provide discounts for prompt payment as a reward or only charge a late fee? Encouraging the behavior you want can result in vast improvements in quality of business.