Service-based billing has simplified financial management for small business owners. As a small business owner, running your business means you’ve probably spent most of your day juggling tasks while taking on many responsibilities simultaneously. You may have gotten up this morning, confirmed your appointments, spent most of the afternoon meeting with clients or customers, and sat down at night and organized your receipts or invoices from the entire day.
You may have realized by now that while you’re busy doing the services you provide to your customers and clients, the amount of time you spent on financial paperwork was equal to the services you were doing.
Many owners have concluded that a majority of the time they spend on their business is actually spent on payments and other financial tasks. Thus, with the continued rise of service -based billing, it is now being used by many businesses as a means of simplifying the financial portion of their work and creating more time freedom throughout the day.
Customers and clients can complete payment transactions quickly and easily due to the fact that the billing process is streamlined using service-based billing. With service-based billing, the workflow of money coming in, going out and being tracked becomes much easier for business owners, as well as providing them with greater clarity and visibility into their cash flow.
Why Service-Based Billing Matters for Service Businesses
The challenges businesses encounter when providing services vary from organization to organization, but these issues are generally common for service providers. A common obstacle with traditional methods of invoicing is that generating an invoice can be time-consuming for businesses and that traditional methods such as cash and check take much longer than electronic payments to reach the business. Secondly, because many businesses offer a variety of services depending on customer needs, receiving payments late could prevent a business from making a complete plan for their next service.
By using service-based billing as a business owner, you will have access to modern methods that match up with customers’ needs for payment methods, including using traditional card payments via ACH or other online options. Therefore, payment is then processed quickly. In addition, this method of billing provides a more efficient method of billing for businesses with fewer errors and a faster deposit time, thus providing the entire process of billing for your business with a greater level of professionalism as well. Customers who experience a clean and easy method of billing will feel secure and have more trust in making future purchases.
The Features of Service-Based Billing That Owners Find Appealing
Some of the features of service-based billing are specifically designed to not complicate how businesses operate but instead provide a way to reduce friction for businesses that accept payments electronically. These features will assist businesses with both day-to-day operations as well as long-term stability.
Mobile and Point of Sale Payment Options
Similar to the transportation industry, service-based businesses do not necessarily have to be within a specific physical location to receive payment for their services.
For service business owners, for example, a hairdresser at a salon, service-based billing allows owners to accept payment wherever they need to accept payment from their customers. The words “wherever” and “whenever” provide both customers and businesses with a quick and convenient process to complete their transactions.
Recurring Billing Provides Predictable Revenues.
Due to the regularity of payments, renewals/receipts are automated, and the possibility of missing payments decreases, making billing in the service-based the most helpful. It allows owners to know when they will receive money from clients and therefore plan accordingly.
Online Payment Integration
With service-based billing, clients have the ability to make payments directly through a business website or booking system. Whether clients schedule an appointment, donate, or purchase a package, they are able to do so at their own convenience and do not require a follow-up from the owner.
Security and Compliance Built in
Payment information must be handled securely. A service-based billing system uses the PCI compliant processes to handle both ACH transactions and Credit Card Payments. This gives business owners assurance that their client’s payment information is being properly secured and processed.
How Can Service-Based Billing Help You
The benefits of service-based billing can be experienced in both day-to-day operations and from a broader perspective as well. Business owners get back time due to the decrease in the amount of time spent managing payment processes, thus creating less stress.
- Automatic payment processing leads to virtually no delays and many options for clients.
- Business owners have a clearer view of their finances when budgeting and forecasting.
- Less paperwork means lower administrative burden and less clutter in the office.
- Clients enjoy the ease of making payments.
- The service-based billing system is adaptable to the growth of the business rather than becoming more complex.
Most service business owners who implement a service-based billing system report that they can spend more of their time providing services to their clients and less time worrying about the flow of funds into and out of their business.
Why Gulf Management Systems is A Good Fit for Businesses That Rely on Service-Based Billing
Choosing the right partner for service-based billing can improve the way your business operates on a day-to-day basis. Gulf Management Systems was created exclusively to aid service-based companies, and to make payment options easy and convenient.
Our approach to payments includes multiple forms of payment from consumers through point-of-sale systems, mobile payments, credit card processing, ACH payments and recurring billing. Their systems are flexible enough to support various types of businesses such as gyms, non-profit organizations, hair salons, contractors, etc.
In addition to providing the tools needed for support, Gulf Management Systems puts an emphasis on the security of your customer’s financial information and reduces the risk to the business owner. With the security features of GMS, you can have peace of mind while not having to add any extra steps in your daily routines.
One of the most beneficial aspects of being a customer of Gulf Management Systems is the help you’ll receive in the form of training and support. You will not have to navigate the complexities of service-based billing alone, you’ll receive assistance in understanding the best practices for setting up recurring payments, the options available to you as it pertains to the tools, you’ll need to support your model, and the security associated with the tools you’ll use.
GMS is dedicated to helping businesses succeed by providing the support and guidance necessary to allow a business to maintain organization and confidence in its financial processes.
By partnering with GMS, you make service-based billing easier, and it gives your business the opportunity to skyrocket.
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