As much as we would like you to sign up all your clients with Telpay, it is also important to make sure that Telpay is a fit. That is why qualifying right off the hop is very important. Just like qualifying in sales, it’s all about asking the right questions to make sure the needs of that business can be met by the Telpay solution. Continue reading
The series is from Chartered Accountant, consultant and author, Jeff Borschowa, from his book, 8 Pillars for Exponential Business Growth. The series is focused on how to find new and better ways to integrate innovation and technology to enhance the customer experience and improve efficiency in the accounting process.
You could probably argue that pricing could fit under one of the other pillars. I separate it out in order to emphasize how important it is, especially for professional service firms. The traditional model of billing for services is based on a single formula: hours worked multiplied by an hourly rate is equal to the fee to be billed. This formula creates an inherent conflict of interest between you and your customers. They want you to work faster, but you make more money if you work slower. Notice that the equation does not include any consideration of the value of the work as seen in the eyes of the customer.
Take another look at the equation, you will see that implementing systems to become more efficient reduces your time spent on the work. Thus, your earnings also decrease if you become more efficient. Value pricing focuses on the value that you provide to a customer. Customers are looking for value, they don’t place true value on your time, only the outcome that you ultimately produce with your time.
We don’t want to ignore businesses that sell products. In a lot of cases, you are limited by pricing that your competitors may be setting in a marketplace. However, if you have a niche and can focus on your ideal customer, you may be able to put together a complete bundle of products that would be worth more as a bundle than individually. For example, the pet car industry realized that people who bought pet birds would often buy cages, feed, and other items at the same time. They bundled packages together for convenience and found that the packages were selling for more than the individual components.
By now, many of you know that Telpay offers a variety of payment training webinars. Knowing that we offer these webinars is one thing but, have you actually attended one? What is holding you back?
We have heard a number of re occurring questions from first time webinar attendees and we want to share them with you. Knowing what to expect from our webinars will help you in many ways.
Here are some tips to consider:
Attendees are on Mute. Out of respect for all those trying to hear and learn on our webinars are muted for attendees. We ask that you type in your questions in the question box and we will thoroughly answer every question asked at the end of the webinar.
Don’t worry! If you have to log in late or leave early, we are happy to follow up with any of the information you miss. We also offer a variety of demo videos that supplement the content covered in our training webinars
Now that you are more prepared to attend a webinar, you can register for any of our upcoming training topics here. And remember, all our webinars are scheduled in Central Time!
If you are a bank, credit union, retail store, cash store or any sort of financial provider that accepts bill payments, you can “plug and pay” into Telpay’s bill payment processing engine. We provide a simple record specification that allows you to batch bill payment requests into a file and send them to Telpay. At the same time, you send us the funds to cover the payments via your lead bank’s bill payment system (Telpay is a biller on most financial institution’s on line bill payment systems) or via wire transfer. We process the payments next business day.
Guest Blogger: Our special guest contributor this month is Melissa Michalski, co-owner of CertPro Accounting Team, a proud member of IPBC, a Certified Professional Bookkeeper and a graduate of the Black Swan Project.
As some of you may know, over one year ago our company started our journey with IPBC (Institute of Professional Bookkeepers of Canada) as one of the selected members of the prestigious Black Swan Group. We were led by the genius Ron Baker and learned to drop the timesheet and hourly billing and proceed with value pricing. This experience has been hard work but in the end nothing but rewarding. Telpay has been a huge support system for us throughout the Black Swan process and we are thankful for the opportunity to build such an amazing relationship with them.
This past January I was lucky enough to attend The Black Swan Summit in Napa Valley. This is where current Swans and past Swans were able to meet and collaborate along with Ron and three of his fellow colleagues that follow the Value Pricing model. Let me tell you… I LOVE NAPA VALLEY, but I also love this Summit. I came home refreshed, re-energized and full of ideas on how to make my business even stronger.
The 2015 Summit led me to think differently about our company. Yes, I always look for ideas and improvements on how to price our customers but, this year many of the speakers spoke a lot about RELATIONSHIP which naturally made me reflect on the importance of my businesses relationships. Think about this word and what it means in your life, personally and through work.
