At a high level, business is simple. You can’t sell it if you can’t produce it, and you can’t produce it if you can’t sell it. You need to build something people want, and then you have to find a way to make sure they find out about it and want to buy it based on what they see or feel. At a price that makes a profit, you need to make sure that you sell enough of it to reach a growth rate and profit margin rate that makes your business worth as much as possible.
Landscape business owners purchase, lease, or rent tools to help them earn more money. It’s a clearcut concept everyone can agree on. Spend money, to make money. That said, there is a shift in mindset coming from the evolution of digital tools landscape business owners need to help keep their business growing and operating at its most streamlined and optimal rate.
Furthermore, there is no bigger source of financial waste than wasted time, and it’s more problematic and compounds cash flow interruptions when your process for collecting payment is manual and inefficient.
Cash flow is a universal struggle no matter what industry you work in, but it doesn’t necessarily have to be your struggle if you add an autopay system to your landscaping business.
Say goodbye to post-dated cheques, house calls to pick up cash, or the anticipation of your local postage worker dropping off the money you’ve been waiting on or bills you have to pay.
What is autopay?
Autopay is short for automatic payments. It’s a system where a contractor works with customers to integrate their bank account or credit cards into the invoicing system to pay their monthly bills automatically. It’s no different than subscriptions to digital streaming services, gym memberships, or food delivery services.
How can autopay help your landscaping business?
Automation subscription-based services streamline your payment process to collect accounts receivable more efficiently. And the truth is, most contractors hate invoicing and collecting. It’s a pain for any company, let alone a business with as many complexities as landscaping. It’s perhaps one of the most straightforward processes to streamline and reduce cash flow interruptions within your company. Let’s break that down for more clarity:
- No more manual invoicing
- No more collecting and depositing cheques
- Money deposited directly into your account
- Better transparency for your accounting team
- Streamlined experience for your customers
- Improved cash flow to better manage payroll and outgoing company expenditures
Upselling and cross-selling
On the other hand, which we mentioned above, the streamlined customer experience is light years ahead of traditional and manual accounts receivable collection. Your customers have a much better experience when squaring up completed work. Payment becomes less of a sticking point and allows you to upsell work much more quickly or turn a one-time customer into a repeat client. In today’s world, the customer experience is everything, and the benefits to improving your customer experience are endless, let’s break that down.
- Building trust wins more new and referral work.
- Up-selling means less time spent creating new estimates for prospective customers and driving more lifetime revenue value within each client you already have.
- Ease of invoicing means you get paid faster, and that improved cash flow means you can take on more work or more significant projects because your company has fewer dips in operating cash.
We could go on and on, but you get the point.
Implementing an autopay system within your landscape company is a no-brainer and for little to no cost. Taking something that is complex and time-consuming and streamlining it to be more efficient should always be the objective within your business.
And invoicing and collecting payment is the perfect starting point.
Get started today
Is payment processing and auto pay part of what you offer your customers today? Learn how LMN Pay can help you and your business today at golmn.com/pay.
