Instant confirmation - Get real-time confirmation for you and your customers on the status of a payment as money moves directly from one bank account to another in as little as one business day.īy combining automation and frictionless, more successful payment experiences, your business can make your payments work harder. Thanks to open banking, it’s now a reality with GoCardless Instant Bank Pay.Ĭheaper than cards - These instant bank payments are typically 54% cheaper than online card transactions.Ĭollect more payments - With a frictionless authorisation process and no need to enter lengthy card details, collect as many as 99% of payments successfully on the first try with Instant Bank Pay. And getting paid in as little as one business day. Imagine collecting one-off payments instantly, without the need to enter lengthy card details. Cards are expensive and bank transfers are slow. Save money: Spend up to 56% less per transactionīusinesses face challenges when it comes to collecting one-off payments like first-time payments, one-off charges for goods and services, or topping up an account.Ĭurrent payment methods are outdated, made for a world before the age of the internet. Level up against fraud: Reduce fraud by up to 62% with our end-to-end anti-fraud product Successful payments: Collect 97.3% of payments successfully on the first try so you don’t have to chase as many failed paymentsīetter cash flow: Say goodbye to 20+ Days Sales Outstanding (DSO) and get paid in as little as 3.6 days on average There lies the game-changing opportunity for efficiency automation.īy automating your recurring payments with a global bank payment solution like GoCardless, you can:Ĭut the admin costs: Make finance/account receivable teams up to 21% more efficient Meanwhile, the PwC 2021 Finance Effectiveness Benchmarking Study, found that 26% of the time spent on customer billing by finance teams could be automated. Automated payments create automatic cost savingsįorrester’s study showed that most businesses have 20+ full-time employees to manage recurring payments. Let’s dive into which indirect costs impact your bottom line. From the indirect costs of managing payments, like manual processes and staff costs, to the indirect costs of payment inefficiencies, like fraud and failed payments.Ĭollecting payments goes beyond transaction fees and costs your business more than you think. When you consider the costs of collecting and processing payments, you might think of the direct costs:īy only considering the direct costs, you could be subjecting your business to unnecessary and costly expenses. That would be a win-win.īy understanding both the direct and indirect costs of collecting payments and ultimately the Total Cost of Ownership (TCO), you’ll be fully informed to make decisions about your payment strategy that will positively impact your bottom line.įor a deep dive into all the costs associated with collecting payments and how to streamline and mitigate them, check out our ebook: “The costs of collecting payments”. Whether you collect recurring or one-off payments, in an unpredictable economy getting it wrong could unnecessarily cost you money and impact your bottom line.Īre you getting the best return on investment (ROI) for your payments? Could cheaper payments actually pay you more? Imagine minimising the total cost of collecting payments while maximising your return.
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