Why Your Payment Processing Means More Than Revenue

Getting paid used to be easy, right? When a job was finished, a service tech would write an invoice, collect some cash or a check, and roll out to the next job – and you weren’t thinking that this could happen all on the same day. Nowadays, technology advancements have met customer expectations, meaning that your business has an obligation to offer more flexible payment options, as well as the opportunity to improve your quote to cash timing for better working capital and increase recurring revenue streams.

In the past, you had to worry about all the types of payments, payment terms, and timing of payments, to say nothing of recurring and subscription charges. All of this complexity boils down, for many businesses, to a lot of work. Now, there is the opportunity to embrace change in a way that isn’t daunting, but exception. WorkWave Payments enables you to invest in your customers and your business to do what you do best, deliver exceptional customer service. Change can upend old business models in much needed ways.

Let’s go back to that old system — payment processing was a means to collect revenue. For most, this meant simply, one job, one payout, over and done with. Cash and checks all went onto the balance sheet the same way, and that was it. When it comes to payments processing, though, changing your outlook and evolving your processes is a big part of what will define your success in the future.

This old school way of thinking looks great on paper. But, in reality you’re leaving all sorts of money on the table —  time is money. Payments processing done right is not just an operational process. When it’s done right, it’s a means of generating new revenue streams, endearing customers to your brand, and increasing repeat business. Even if you manage complex payments processing today, are you taking full advantage of the potential?

Let’s break it down:

We’ll start with the obvious: more payment flexibility means that you become more attractive to more customers. Whether it’s automating contract terms or simply allowing for credit card payment, you’re giving customers more ways to pay and making it easier to approach both businesses and consumers. This is a pretty low bar for payment processing. Let’s take it a step further.

Centralizing payment processing with your service software gives you new ways to interact with customers. From more effectively managing overdue accounts, to building online portals for customers to pay and request services, integrated systems mean easier payments, easier scheduling, and new customers with lower acquisition costs. The right payment processing system could mean an express ticket to completely transforming your service business — especially if it is one without hidden processing costs and unreliable vendors that can muddy the process and cut into your bottom line in unexpected ways. That’s why it’s so important to choose a payment processor that understands service, and it’s why I’m so excited about WorkWave’s newest product: WorkWave Payments.

WorkWave Payments is a streamlined and complete, end-to-end payment processing solution that integrates seamlessly into WorkWave’s software, allowing you to securely process payments without having to use any third-party extensions at all. It includes:

·      Visibility into simplified daily net payouts for all transactions across all cards, giving you native, integrated visibility into your performance.

·       The ability to eliminate select fees where applicable, offering you total invoice control for your customers.

·       Access to a secure merchant portal where users can dispute chargebacks, as well as review all transactions and fees, thus keeping all of your commerce in one, mutually-visible space.

·       A single number to call where you can speak with dedicated customer support professionals regarding all payment and software-related needs.

·       Alignment with your current WorkWave software license, allowing for even more transparency, and keeping everything on the same cycle.

WorkWave built a tool with you and your customers in mind, to take full advantage of your payment processing. We want to help you take your brand to the next level, improve your payment processes, and give you the tools to no longer have to worry about the logistics and instead focus on delivering excellent service.