Yes, we have all wanted to hire the mafia to go out and collect on slow AR. And maybe some of us have taken meditation courses on patience. Some receivables sit there day after day, demanding time from project managers, the accounting team, even the sales team takes heat for SlowPay. A long AR cycle can kill the company barbecue.
Every hour spent collecting payments is an hour not spent getting more business.
In fact, it’s worse than that. There is the time it takes to reset your mindset from collecting to selling or servicing. Low morale means low sales.
Direct costs of slow AR add up.
That note on the balance sheet could be cash. It’s not usable if it’s not in your bank account yet. Putting that cash to work reduces interest payments, allows for buying bulk from suppliers and frees up budget for marketing and sales…not to mention happy times at the company BBQ when bonuses are handed out.
Make the AR Cycle work for you.
Reduce time collecting payments by increasing trust and adding automation.
The customer experience is the lifeblood of more business. Homeowners have a general mistrust of writing big checks to contractors before a project begins. You can reduce that anxiety by allowing them to deposit into a Federally insured escrow account at the time of the sale. They are confident their money is safe and distributed to the contractor when certain milestones are accomplished.
Reduce debt and save on interest payments.
Make your own payments on time, keeping suppliers happy and increasing your ability to do more business with them.
Free up budget.
With more money to support sales and marketing you generate more business by keeping sales efficient and Accounts receivable proficient.
Increase positive customer reviews.
When contractors are free of payment worries they work faster, do better work. They know they are not going to get stiffed and therefore do the best job they can. Customers reciprocate by writing more positive reviews.
PayKeeper turns AR into a sales asset.
The key to sales is creating trust. PayKeeper is the ultimate closer. When your sales team can offer a federally insured escrow account as a way to receive payments it takes the angst out of handing over payment. The customer knows payment is only released to the contractor when milestones are hit. They know final payment is not released until they have made their final inspection.
PayKeeper is easy to use.
Schedule a demo with us today. Let us show you how to turn AR into an asset!