Despite your knowledge, expertise, and the superior quality
of the product or service you offer, some potential customers are just going to
focus on asking, “but how much does it cost?!” If you are in a business that offers
products/services with a high upfront cost -- think of dental, orthodontic, and
veterinary expenses, for starters -- you can lose a potential sale due to
“sticker shock.” The savvy customer of
the digital age is going to look for payment options that allow him or her to
spread out the cost of high-priced products and services over a period of
time. Which leaves you, the business
owner, in a quandary. You many not want
to lose a potential sale, but you also may not want to take on the
administrative headache of offering a payment plan to make your product or service
more affordable to more people. Is there
anything you can do?
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| Image courtesy of Diaperwrecker.com |
Third-Party Financing
There are a number of companies that will offer third-party
financing plans to your customers. The
advantages are obvious: the huge strain
placed on your customer’s budget by a high, one-time charge is alleviated by
paying in installments over time.
However, there are a few drawbacks to third-party financing. First, not
all creditworthy customers are approved for these plans. Second, some customers simply balk at the word “financing,” because they will have
to pay interest on the purchase price.
Finally, third-party financing is
not a “free ride” for your business…usually you must pay a fee to offer
these plans to your customers. Typically,
the fee is a portion of the total charge for your services, so you are not
actually getting paid in full.
In-house Payment
Plans
Another option is offering an in-house payment plan. No, you would not receive your total charges
up front, but you could make the sale instead of losing it. If you are offering services that occur over
a period of time, you can set up a payment schedule that concludes at the end
of your service term, ensuring payment in full.
The advantage to your customer is that this is not financing, and does
not involve credit. You are simply
making it easier for them to pay you, by breaking up a large payment into
smaller, more manageable chunks.
But I Don’t Have Time
to Manage a Payment Plan!
Yes you do…that is where EBCS comes in! You enroll your
customers in a payment plan, and then EBCS will completely handle the account
from there. There is no extra work for
you or your staff. If for any reason a
customer’s payment is declined or returned, EBCS’s professional customer
service team will manage all the follow-up so you don’t have to deal with this
potentially time-consuming task, and you can rest assured that your payments
will be received.
Managing Payments is
EBCS’s Specialty
For over 26 years, EBCS has handled payment processing and
recovery (collections) for all types of businesses. This is our core competency, and we excel in
it. Let us help you get more business by putting your customers on a reasonable
payment plan. EBCS will automatically debit your customer’s checking or savings account,
or bill their credit card, on a recurring basis (credit card transactions are
subject to a discount fee.) You can choose the
billing cycle: monthly, weekly, bi-weekly…whatever works best for you and your
customer. Payments collected from your
customers will then be automatically deposited into your business’s bank
account. There is nothing for you to do…except get paid!
We’ll Do All the
Work, And You’ll Always Have Access to Customer Account Information
Client Portal:
EBCS is your complete
back-office solution for handling payments.
But just because we offer a turn-key account management package doesn’t
mean that you won’t have access to all the data and information related to your
customers’ accounts. Through our EBCS
Client Portal, you can log in anytime and view various reports: Remittance Reports, Delinquency Reports, and
Daily Sales, among others. You can even create your own customized reports with
our Report Wizard. You can also view
customer payment history and other pertinent account information.
Customer Portal:
Your customers, too, can take advantage of our Customer
Portal, allowing them to go online to make payments, view their payment
history, or update personal or banking information. You won’t have to spend your valuable time
doing this for them.
Help Your Customers
Say “Yes” to Doing Business With You
Stop worrying about scaring potential customers away from
higher-priced products and services. There is an alternative. You don’t have to discount your fees or not
get compensated fairly in order to attract new business. It could simply be a matter of offering
potential customers a flexible, alternative payment option. EBCS can help create the best automated,
recurring payment package for you and your customers, so you can go out and do
what you do best -- get more business!
