As a business owner how many times have you heard, "The Check's in the Mail"

Even with the best intentions, some customers will have difficulty making payments to a business on time. Whether it is because customers cannot afford a large payment, they simply forget to make it, or any other number of excuses, the bottom line is this: when a business does not get paid on time it can cause major problems. Poor cash flow is cited as the number one reason why new businesses fail. At this point a business owner has two choices, they can continue to spend a small fortune using traditional methods attempting to collect what their customers owe them, or they can switch over to one of the fastest growing methods for receiving payments today. It is called Pre-Authorized Checking™ (PAC) and now any business owner can start using it immediately to increase their company's bottom line.

Are these excuses familiar?

    * "Your invoice must have gotten lost in the mail."
    * "Did you send me a bill this month?"
    * "Can't you draft this from my checking account?"
    * "Sorry, I forgot to mail my payment."
    * "Let me look at my checkbook, and I will call you right back!"
    * "I thought it was due the 15th!"
    * "I've been out of town for a couple of weeks."

The reasons for untimely payments could go on and on. The number of customers paying in 30, 60, and 90 days past the due date is increasing. By using PAC, a business can reduce their receivables and help eliminate many of the collection problems before they even occur. PAC also improves customer retention by allowing your customers the option to be on an automated payment system. Studies have shown that consumers who utilize an auto pay system stay with that business in excess of 90% of the time. Business owners using PAC have also found that it helps them attract new customers by using it as an in-house payment or financing plan. This allows their customers to purchase products or services they might not otherwise be able to afford. The best news is that in most cases there are no monthly minimums, no monthly fees, and no on-going cost to the business owner. There is only a small processing fee for drafting each check. This fee can either be included in the customer payment or can be paid by the business at the owner's choice.

 Read More