The Pay it Forward concept is not just for a personal act of kindness, it can also be applied to business. Kindness in a business environment results in positive ripple effects where everyone gains when they invest time in building good relationships. From consultants, vendors, suppliers to contractors, people like to do business with people they know, like and trust.
To build this rapport, now that your business has gone electronic, why not introduce your suppliers’ to the benefits of direct deposit payments. Encourage your suppliers to switch from receiving your manual cheques to direct deposit through Telpay. Direct deposit payments are fast, reliable and secure. Your payments are deposited directly into their bank account. No more special trips to the bank and they have faster access to their money. It’s easy.
How to Encourage Your Suppliers to Switch
- Phone: One of the best ways to build a rapport with your suppliers is to be in contact with them. Advise your suppliers to start receiving their payments by direct deposit by calling to let them know they will be paid faster. It is a phone call they will appreciate.
- Email: In your conversation, let them know you will follow up with email instructions on how to get started. Include a link to Telpay’s Direct Deposit web page for more information – http://www.telpay.ca/business/receive-money/basic-direct-deposit
A three part series on “going electronic” with your business payments.
Switching from cheques to electronic payments for most businesses is definitely the way to go. In order for accounting professional to help prospects and clients find the right payment solution, it is important to understand how other electronic payments work in comparison to Telpay.
Over the next three articles, I will reveal many key points of going electronic that I encourage you to share in your sales presentations. In my last article, I will compile everything together to create a checklist, that you can reference to help transition your clients to electronic payments.
Before I begin, let’s clarify: What does it mean to go electronic? I am referring to the solutions that are designed to replace regular cheque or credit card business payments.
Most often, people think of the following payment options:
– Online banking
– Bank electronic funds transfer (EFT)
– Third party electronic payment solutions: Telpay, PayPal, etc.
To keep it simple, I am going to keep the conversation between Telpay and bank solutions. There are other options (i.e PayPal) but most do not work without costly credit cards. Many businesses are encouraging their customers to pay by EFT, to save on the rising costs of credit cards, which is why Telpay is becoming important in the Canadian payments landscape.
Everyone likes getting paid. When your business uses electronic systems to send money directly into bank accounts, it says a lot.
I once had a client tell me; ‘When I send money electronically, it makes my business look more professional, as if we are bigger than we are.’
As some of you may know, Telpay’s system gives businesses the ability to send money anywhere, with just a few clicks of the mouse. That’s very powerful.
Understanding how paying electronically impacts the receiving party is important. Here’s a look at how the people and businesses you pay feel about getting paid by direct deposit to their bank accounts.
Since 1978, the D’eon Family have owned the A&W Restaurant on the Crowsnest Highway near Fort Macleod, Alberta. A&W Food Services of Canada is Canada’s second-largest fast food burger restaurant chain with over 800 locations.
When Dave’s father ran the restaurant ‘everything was paper’ at least where the accounting was concerned. Back in those days, Dave’s father would bring the accountant the ‘books’, and bills, then come back pick everything up and begin signing cheque after cheque. Then he would deliver the cheques to the mail.
Times changed; Dave came aboard and the business continued to grow. Soon Dave was responsible for running the restaurants and managing ‘the books’. With approximately fifty staff and dozens of supplier payments, Dave quickly realized the manual cheque process needed to be replaced with a better way.
Why do I love my direct deposit service? Let me count the ways. It is for the same reasons that I love paying personal bills with online banking – it’s easy, ultra-convenient and recipients love it!
Reason #1 – It’s Easy
Businesses should always be thinking of ways to become more efficient. Sending money with a few clicks of the mouse is certainly more efficient than dealing with the manual cheque processes – buying cheques, printing, signing, assembling – this is no longer the best way to pay employees or suppliers. Continue reading