The latest feature to launch on SurePayd, Autopay is already generating incredible results for businesses on our platform. With a simple initial set up, customers can have their invoices automatically deducted from a credit card or bank account on the due date – ensuring they never miss a payment deadline or suffer from blocked orders.
Autopay is guaranteeing our clients get paid on time, reducing cash flow concerns and saving accounts receivable teams hours in lost time chasing overdue payments. Read on for some of the biggest wins businesses are securing by using Autopay.
A fundamental element of building strong client relationships is providing them with options that make it easier for them to do business with you. Offering a range of payment methods is one way to do it.
Autopay on SurePayd can take payment on the due date from a credit card or as a direct debit from a bank account. Credit cards can be a powerful cash flow management tool for small business clients, particularly if they are using AMEX to accrue points and other benefits.
Using Autopay ensures that their preferred payment method remains reliable for both parties.
Taking advantage of Autopay’s “set and forget” approach, both merchant and client can take back the most prized business resource of all: time.
On the client side, once they have provided their bank account or credit card information they don’t have to deal with processing payments ever again. They don’t have to request invoice copies or statements, login to a separate banking platform or even make a phone call. Payments go through automatically, and all the corresponding paperwork is available on-demand in the SurePayd customer portal.
The time saving for suppliers is a revelation. According to a credit manager from one multinational business using SurePayd: “Unless the customers have specific queries or request special deliveries, we get them on Autopay. From a HR perspective, it’s not the end of the relationship but there is minimal hand holding from both sides because everything is automated and runs smoothly.”
For who may have a poorer payment history, AutoPay provides some guarantees to allow the business relationship to continue. Perhaps it’s a time-poor business owner who is handling the accounts, or administrative and poor organisation issues in a small business causing late payments. There might not be malicious intent, but they are risky customers all the same.
Switching these customers to Autopay brings some guarantee to your payments without resorting to harsh or restrictive measures that can sour a relationship.
Director Terry Eames says Autopay is also a way to mitigate a potentially tricky conversation. “Particularly while we're in a pandemic, there'll be a lot of customers that have had financial stress, albeit short term, where the payment days may have been affected. The alternative used to be to say ‘Sorry, we can’t do that.’ But Autopay levels the playing field, so you can trade with more people, whilst at the same time mitigate your risks.”
One of the more surprising pieces of feedback we’ve received about the Autopay feature is its power to create a competitive advantage for ‘brandless’ products.
As one client in the consumer healthcare industry says: “We sell products that you don’t really buy from a branding perspective – it’s not like Coke vs Pepsi. Usually it’s the exact same product from different businesses, so pharmacies may choose to stick with us over our competitors because we have SurePayd and the Autopay service.”
“Others may be forcing them to go prepay or use complicated processes, whereas we can easily trade with these businesses because we have Autopay.”
If you want more information about integrating SurePayd and Autopay with your business, send us an enquiry to firstname.lastname@example.org