29 Apr 6 Myths Keeping MSPs From Enjoying Automated Payments
IT services professionals work hard. Like many small business owners, you probably don’t clock out at 5:00 PM sharp Monday through Friday and relax all weekend. If you do, kudos for establishing a lifestyle-oriented business many MSPs aspire to and typically spend years developing through automation and a continual focus on process efficiency.
The reality of the IT Channel is that most owners spend endless hours working IN their businesses and have little time left over to build and execute ON their long-term plans. Some get caught in a Rube-Goldberg trap, a collection of cobbled-together processes and systems that is prone to break at the least opportune times. Finding a work-life balance in those businesses is a constant struggle.
MSPs who transform from IT laborer to organizational leaders understand the need for change and start evaluating their operations. Attention first goes to the time-sucking repetitive processes that consume the most attention and financial resources. Then, after carefully evaluating and streamlining key operational procedures, savvy IT services professionals implement cost-effective automation solutions that further reduce their workload.
Change your perspective on collections
Reducing your company’s accounts receivables balances may sound like a significant effort, but with a little homework and the proper setup, it’s reasonably easy to hit your objectives. Automation is the key. These platforms eliminate many of the manual collections processes and make it easier for your clients to pay their bills in a safer, more timely manner. No more collections calls and late fees.
When signing up for an automated payment solution, it’s essential that MSPs can separate the myths of implementing an automated payment platform from reality. Nothing worthwhile is easy. Providers who have successfully eliminated their aging A/R almost always have taken the time needed to understand their challenges and implemented a system to address their long- and short-term goals for their business.
Let’s address the myths.
#1 You cannot attain low A/R balances without making collections calls.
FACT: Collections calls are a symptom of a problem. Scores of IT services firms (including hundreds of ConnectBooster partners) have first focused on the root cause, reducing and maintaining lower receivables balances using a payment automation platform. The more of their clients that sign up, the fewer calls their team will need to make.
#2 Service-based businesses always run high A/R balances.
FACT: Getting paid on time is less about industry segments and more about expectations, transparency, and automation. Obviously, a healthy cash flow benefits every company, no matter what size or industry. Industries with lower margins or payment terms are more sensitive to cash flow, furthering the need for systems and tools to ensure prompt payments.
#3 Setting up a payment automation system is hard and takes too much time.
FACT: With ConnectBooster’s onboarding checklist, your company will be ready to get paid faster in no time. In some cases, clients have the most impactful features up and running within 2 hours of onboarding. Once implemented, your team will be using the portal to store client’s payment information securely, pay invoices, setup custom autopay rules, and begin inviting customers to login and have a look around. A substantial base of ConnectBooster users is a testament to the ease of setup and the platform’s ROI.
#4 No automated payment solution integrates with the specific tools MSPs use to run their business.
FACT: ConnectBooster was created with Service Providers in mind. We constantly task our development team by identifying the tools MSPs want to integrate and prioritizing the automation features providers need. “We used two companies before that didn’t integrate with ConnectWise and QuickBooks,” says Lee Morgan, President of Rock Solid Technology Solutions. “The big win for Rock Solid Technology Solutions the ability to automate our payment process and integrate the data into our other managed services and billing applications.”
#5 Payment automation software is yet another platform to learn and use.
The key to selecting any new platform is that it delivers on its promise, is intuitive to use, and works well with the tools you already use. We’re proud when our MSP partners often say they won’t do without ConnectBooster. It changes their way of doing business ‒ in a very positive way ‒ and requires a small investment of their time. “We have a 100% adoption rate with new clients, which has changed our company tremendously,” says Kelly Siegel, CEO of National Technology Management. “I no longer struggle with late paying customers or accounts receivable thanks to ConnectBooster and the new way we do business.”
#6 Payment portals may work for other MSPs, but our business is different.
FACT: ConnectBooster makes it easy for any IT services business to set up and benefit from an automated payment platform. If your company sends out invoices and expects clients to pay in a timely fashion, our solution can help save you time and money. How so? 84% of the firms that utilize ConnectBooster trim at least two hours or labor from their collection process every week ‒ and nearly two-thirds (62%) save at least four hours of work conducting those painstaking activities!
That’s the magic behind ConnectBooster. Our automated payment platform takes a significant amount of labor out of one of the most stressful tasks for MSPs ‒ the collection process. Is there any IT professional who likes calling clients to ask them about the status of overdue invoices? Of course not. Bill collection is one of those business-critical tasks that no one wants.
ConnectBooster shifts that responsibility to your clients. Our platform simplifies the collections process, allowing your customers to automatically pay recurring bills and review their current and past invoices in their own secure portal. Your MSP gets paid faster.
When integrated with other MSP tools, ConnectBooster can automate a variety of other financial operations, freeing up the time your team spends entering information in multiple systems and reconciling mismatched information. Did we mention the platform can significantly improve your company’s cash flow?
If you’re tired of late-paying clients and less-than-optimal cash flow, get started and enjoy the benefits of using an automated payment platform.