Unless you have been living under a rock, you are more than likely aware of the recent trends in mobile applications (apps) and devices emerging in the business world. With promises to increase efficiency and effectiveness while decreasing certain costs, mobile devices are quickly making their way into businesses around the world. As we’ve discussed in previous blogs, your company can gain a substantial amount of revenue from mobile sales technologies (such as our newest product, Scanco Sales). Out in the field, your sales force needs instant access to inventory levels, customer order statuses, and product information. Mobile devices and applications make it possible for sales teams to provide customers with the information they need and close deals more quickly (not to mention keep customers happy).
While mobile devices may make data capture and product visibility easier, businesses have named one significant fault: the lack of payment capture options. Without the ability to capture payments out in the field, businesses are missing out on crucial opportunities for getting payments into their hands faster. After all, what company doesn’t want to be paid as quickly as possible?
Why Should I Collect Payment in the Field?
By equipping your sales teams with ways to collect payment via their mobile devices out in the field, you can significantly (and permanently) improve your cash cycle time, reduce uncollectable invoices, and even increase revenue by upselling your products and service plans. Let’s face it: time is money, and cash is king. If you can get paid sooner for the products and services you provide, you will be more profitable and competitive in your market.
Discover the top benefits of using a mobile payment collection system for capturing your payments out in the field:[gearlist]
- Faster cash flow. Mobile payments work to free up cash flow by eliminating payment lag time (the time between when you have to pay your suppliers, workers, etc. and the time you receive payment from a product or service). By accelerating the payment cycle, your business could experience an influx in cash that can be used to help the business (rather than simply covering past expenses or paying for inventory).
- Error Reduction. Your invoices will be more accurate because they are prepared on-site (rather than after your sales team gets back to the office), and your workers are less likely to forget to bill for products and services performed if they are producing the invoice on-site. Many mobile invoicing apps now include built-in error checking features to ensure that product numbers, service codes and customer details are entered into the application correctly.
- Reduced Processing Costs. By collecting payments in the field, your company can reduce costs. Because the payments are processed electronically, you will save a significant amount of the time and labor spent entering and processing invoices in the office. This efficient process has allowed many companies to reduce the number of their support positions and expand the business without needing to hire additional staff. Collections also improve because transactions can be validated in real-time. This prevents the time and money lost to bounced checks, rejected cards and unpaid invoices.
As you can see, a mobile payment solution is necessary to improving your overall business efficiency. If you’d like to increase your profitability and reduce your invoicing errors, consider investing in a mobile collection solution today. Our new mobile sales application, Scanco Sales, can capture payments out in the field so you can get paid faster. This remote sales application for Sage 100 ERP and Sage 500 ERP(formerly Sage MAS 90/200 and Sage MAS 500) can transform your sales department and increase your competitive edge.
Contact us to learn more about Scanco Sales and how mobile payment capture can benefit your business. Are you currently using a mobile payment application? If so, how is your company benefiting from it? Let us know in the comment section below!