How to grow your business with the right payment technology
For an owner of a small business, achieving a healthy work-life balance whilst ensuring the business runs smoothly can feel like an impossible task. This is only made even more challenging when using inefficient technology. Payments technology is a prime example of this – using such technology results in time-consuming administrative tasks, delays in payments and a decreased efficiency within the business.
Kenna Plumbing, a South West London based plumbing and heating installation company faced these exact challenges. The company chose Valitor, an international payment solutions provider to combat the problem. Jamie Kenna, owner of Kenna Plumbing explains how switching payments providers to Valitor has “transformed how we do business. As we grow, they will become an even more integral part of our operations in order to offer a consistent, reliable and professional plumbing and heating service.”
As a result of the deployment Valitor’s card payment terminals, Kenna Plumbing has worked with 360 new clients each year, gained 720 clients over the past 24 months and secured an extra 30 jobs per month. It has also meant that owner, Jamie, can now focus on growing the business and spending more time with his family.
Payment technology has been key to Kenna Plumbing achieving this growth, and other plumbing businesses can too. Here are three top tips to help you create a smooth and efficient payments process with your customers:
1. Invest in mobile payments
Mobile payments greatly improve customer relations and experience as it offers them something convenient. The number of transactions made using cash has fallen from six in 10 a decade a go, to three in 10 today. With fewer people carrying cash, or having it in their home, offering this method is a way to ensure easy, and immediate payment. Moreover, as mobile contactless payments have no payment limit, compared to the £30 contactless payment limit on debit cards, it again offers an extra level of convenience to customers.
Mobile payments not only benefits the customer, but the businesses too as it means that when out on the road, engineers don’t have to carry cash, which could be misplaced or be a security risk. Mobile payments can also help improve the cash flow of a business because most mobile payment processors transfer funds to a business account in under three days.
2. Say goodbye to invoicing
Bank transfers are a hugely time-consuming way for a business to collect money that is owed to them. It can often be the case that an employee will waste a lot of time chasing customers to pay up after a job is complete. This not only impacts the bottom line but wages and staff productivity too. By adopting a better payment system, Kenna Plumbing reduced its financial admin by 90 hours a month with the ability to complete immediate settlements. In addition, it also helped Kenna Plumbing comply with the Doorstep Trading regulation, through ensuring that payments are settled after the job is done and no complexities are added to the process.
3. Be flexible
Offering your customers convenience is easily one of the most important factors when it comes to their satisfaction. Listening to your customer’s payment needs and offering a payment method that works best for them will work in your favour as it helps with customer loyalty and retention.
Using new payment technologies and innovative services that are hot in the sector your business operates in will allow you to stay one step ahead of your competitors. As Kenna Plumbing found from implementing new payment technology, and being able to accept immediate payments on the go, they were able to improve customer experience while also increasing efficiency.
So what does this mean for the plumbing businesses?
Small, independent traders simply don’t have the manpower larger companies do to chase for outstanding payments, manually invoice customers and commit large amounts of time and resources to ensure their finances are in check. So having payment technology that can be relied on and automate some of these processes can act as a lifeline. In doing so, businesses can give staff the time to source further business opportunities and expand their customer base. Or simply just enjoy life that little bit more, similar to the success Kenna Plumbing has seen.
May 20, 2019