The payment transaction within the order-to-cash cycle is arguably one of the most crucial parts of field service industries. For some companies, there is not enough debate or research involved when deciding on a payments provider. However, it is becoming more critical for service providers to take control of their payments process and understand how the field service software partners they work with can significantly help them secure a competitive advantage.
In many instances, field service companies view the payment process as occurring through a separated system, viewing the process as money being exchanged between themselves and their customers.
What most companies forget is that once the money transitions from the customer into the processing system, the exchange is no longer under the company’s control. The payment processing system can greatly impact the company’s bottom line and success more than any amount of customer transactions.
The traditional payment processing system was controlled by processors who exert control over the payment rail. Transactions between individuals, companies, and even those closest to the customers—like software companies—could be controlled and influenced by the payment processors.
So how can companies take back control and return to a more natural way of doing business? Enter payment facilitators. Payment facilitators allow software companies to put their customer base first and utilize a larger buying power to better serve their end-customers. By looking at the payments industry from an outside-in perspective, payment facilitators give the power back to field service companies and allow them to run their business their own way.
Here are three specific ways customer-centered payment facilitators are improving service companies’ performance by developing a solution to truly disrupt the field service industry for the better.
Increased advocacy. While traditional payment providers allow larger companies to negotiate better rates because they may be processing millions of dollars on their own as a company, smaller companies find negotiations more challenging; they may have to fight to be noticed among the bigger players. Small companies may also be forced into complex, fee-ridden payment schemes, unable to compete in the market.
To combat this issue, companies can collaborate with a payment facilitator to join a collective of other businesses who are taking back ownership of the transaction process. Through this team, the payment facilitator is able to advocate on behalf of their customers regardless of the size of each individual company. Small businesses can then receive all of the same advantages that even the largest companies in their industry benefit from, leveling the playing field and helping these businesses do what they do best: provide excellent service.
Payment facilitators enable an environment where business owners can gain more profit by simply picking the right payment processing partner. These additional dollars can be used to help them grow their business, and their ability to realize additional savings often increases as they grow.
Reduced fees and time. Working with a payment processing partner minimizes the costs and headaches associated with traditional payment solutions. A good payment provider makes it easier and more cost-effective for service businesses to process payments, especially when the processor offers the software platform to create an integrated solution. Rather than toggling between various portals, mobile applications, websites, and other resources, businesses can utilize one solution—the processing software—to complete a transaction from beginning to end.
Advantages of a payment processor spread across the business, from overall profitability to worker satisfaction. The payment processor will find methods to reduce costs and pass those savings on to its customers, who in turn can reinvest the savings on rates back into the platform, making it a greater tool for those same customers. In the back office, workers are typically responsible for researching and solving inevitable customer issues. Problems like suspect transactions or wholesale outages across the entire processing system take time and effort to remedy. The right payments partner simplifies the process, as workers may only need to connect with a single help desk to identify and resolve the issue.
Better customer support and experience. Today, the way a company interacts with a customer and meets their demands determines whether the customer had a great experience. The exchange of money is an essential part of the company/customer interaction, and modern-day consumers want a seamless payment process. This means companies need to provide quicker, easier, and more secure payment options to keep their customers satisfied. A payment processor understands these customer needs and will deliver on appealing functionality to increase the company’s bottom line. One example is to offer similar payment methods to those consumers already use. Contactless and digital wallet payments like Venmo and PayPal allow companies to meet their customers where they are by staying in the customers’ comfort zones, increasing the quality of the overall customer experience as a result.
Meeting customers where they are also builds trust and value, making them more likely to return to the same service company in the future and increasing customer loyalty. Lifetime value subsequently increases, and service companies find opportunities to convert one-time transactions to recurrent, longer-term contracts. Ultimately, this is the goal of every great service operation.
As consumer demands and payment processing options continue to increase, field service companies must also increase the amount of digital payment options available to their customers. Understanding which field service softwares are viable options to help provide a great experience for customers while simultaneously growing the business is crucial. Choosing to work with the right payment provider allows for increased advocacy, reduced rates and headaches, and better overall customer satisfaction, all while making sure companies are empowered to succeed through payments.
