[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]****This blog piece is from one of ConnectBooster’s newest contributors, Kelly Siegel. Learn more about Kelly below.***

It’s not easy being an MSP.

From the endless days (and nights) focusing on the evolving needs of your customers, there are plenty of things that can raise your blood pressure.

Collections and payments is a big one.

No one likes to have to make collections calls, and without an electronic payment system in place, managed services providers carry a substantial accounts receivable burden.

The good news? There are some best practices you can follow to significantly shorten your average receivables. Let me share three valuable steps MSPs can take to solve their late payment issues.

1. Get started with ConnectBooster early

It took a long time for us to see the importance of electronic payments, but that six-figure deposit in my company’s bank account at the first of each month feels a lot like Christmas morning. Knowing that those collections were made without any manual intervention makes the feeling all the sweeter.

Since we added ConnectBooster, we’ve added at least 50 new clients and only had one billing issue. That’s a 98% success rate, a significant improvement over our prior manual process and it improved our cash flow and simplified our collections process.

2. Start the electronic payment discussion during the sales process

When a deal is closed, our team immediately sends new clients instructions for using the portal, including how to log in and to how to pay their initial invoice (which is received in approximately 20 minutes).

We suggest they do it immediately so we can get to work on their install. Setting the billing expectations as part of the first engagement eliminates many issues that distract from delivering excellent service and managing client relationships.

3. Make automatic billing mandatory

All new customers are required to use our ConnectBooster portal from day one. We take the time to learn everything about every aspect of our customer’s network, even using third-party integrations to pull in their warranty information.

Our team can monitor bandwidth utilization and provide our clients with the number of other business-critical services. All they need to do is pay us in a timely fashion. Leveraging our portal makes it easy for them to live up to their end of the bargain.

We will walk away from customers who refuse to leverage the payment portal, and in one case chose to sever ties with a 13-year client that was a significant source of income. They were, admittedly, also a major source of headaches. Within months, our help desk ran more smoothly, morale increased, and we no longer had a collections problem. Sure, I hated giving up that revenue, but we also didn’t need to hire additional help to cover their growing support needs.

Put all the systems to work for you

NTM strives for efficiency in everything we do. We are a ConnectWise power user and push the platform to the brink, using approximately 90-95% of its capabilities. Every integration is optimized, and ConnectBooster allows us to eliminate virtually every manual step typically tied to billing our customers.

We have built automated systems that ensure our commitment to the process. As an example, we can no longer manually create an order in our system. Our clients are required to pay for their projects /services using the ConnectBooster portal before the system will initiate the project management process. Our integration is “tricked out” and automates everything completely, preventing our team from overriding the payment process.

The result is a better business process.

We spend fewer hours chasing receivables, manually entering information, and ultimately managing cash flow.

Our customers are happier. They know what to expect and have a place to go 24/7 to get information about their account. With that aspect of the business managed, we both get to focus 100% of our time together on technology improvements – which drives satisfaction.

We are a better company as a result of implementing ConnectBooster, and at the end of the day, being the best company we can be is the goal.[/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1505165221850{padding-top: 35px !important;padding-bottom: 35px !important;background-color: rgba(136,136,136,0.08) !important;*background-color: rgb(136,136,136) !important;}”][vc_column width=”1/3″][vc_single_image image=”11235″ img_size=”medium” alignment=”center” qode_css_animation=””][/vc_column][vc_column width=”2/3″][vc_column_text]

About Kelly Siegel

Kelly Siegel is the CEO of National Technology Management, where is focuses on carrier negotiations and business development. He graduated from Western Michigan University and then he worked for several national phone and network service providers including Winstar Communications and Qwest as an account manager. He left a position in national account manager to work with the NTM team in 1999, which eventually turned into National Technology Management in 2011.

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