If you own a martial arts school, a health club facility or any other type of business where you charge monthly fees for your services, you may have played with the idea of outsourcing your billing. You have likely seen or heard about several companies that offer varying levels of payment processing services. Perhaps you are tired of the billing side of your business taking up too much valuable time and having to chase down your clients to get them to pay their dues. Perhaps your client base is getting too large and billing is becoming an overwhelming task. Whatever the case, you likely still have questions. I am going to address some of those commonly asked questions below.
Can I Even Afford To Outsource My Billing?
Just with any service you pay for, you want to make sure that it’s something you can afford and that will bring you value. When it comes to services for your business, you certainly want to make sure that anything you pay for will pay for itself several times over. First, you need to evaluate several aspects of your business such as: ensuring you are charging enough for your product or services, understanding how many clients you currently have as well as what your expected growth is over the next one to five years and what opportunities you may be missing out on because you are spending time managing the billing and payment processing yourself. Often business owners find that by outsourcing, they are able to save a lot of time. This allows them to work with more clients and in turn, make more money. Also, by having a separate company managing and collecting on past due payments, they are able to keep more payments coming in on time and delinquent accounts collected on. Again, another money maker. When combining these aspects with expected growth in their company, outsourcing their billing is definitely affordable.
What Should I Expect From A Company I Hire?
There are a lot of companies out there that offer billing and payment processing. Each one with different rates and different services. The most comprehensive option is a company that is truly full service. That would include services that allow you to completely step out of the billing game all together. A good example of “full service” includes things like processing your monthly payments, customer service support for your clients, secure management of client financial data accounts receivable management on delinquent accounts until debts are paid. Additionally, in order to eliminate risk, look for a company that will not lock you in with a contract and allows an easy exit if you decide it isn’t a good fit.
Is It Time To Make The Leap?
No one knows your business better than you do. Once you’ve spent time analyzing your business and have found what areas are causing headaches and possibly interfering with growth, you are ready to move forward. Do your research, ask a lot of questions and make the leap with a company that offers exactly what you need at a price you are comfortable with!