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5 Questions to Ask About Your Payment Collection Process As the Economy Opens Up

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The ongoing health crisis forced most businesses and entrepreneurs into making adjustments of all sizes. This involved minor tweaks in daily operations to wholesale pivots. One of the areas in which many businesses had to shift focus and add some flexibility is payment collection and processing.

How your company gets paid is essential to its continued growth and success. Thankfully, the economy is opening back up in many places. That presents a terrific opportunity for entrepreneurs willing to take a good long look at their payment collection practices and ask a simple question.

How can you build on the momentum and cater to your customers in ways that keep them coming back in the future?

Related: 4 Ways to Build Brand Loyalty as the Economy Opens Back Up

Consumers who find out that they cannot securely pay your company using digital technology may well abandon you altogether in favor of your competition. Today’s consumers simply expect to be able to pay their bills online.

According to a 2018 survey by the Federal Reserve Bank of Atlanta, more than 53% of the dollars spent on bill payments were paid electronically. Today, buyers enjoy a wide range of digital payment options, from PayPal to Afterpay and more.

It’s never been easier to empower your customers by providing a way to pay for their purchases online. If your company only accepts checks or cash, fix that as soon as possible.


© Entrepreneur

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