Managing Late Payments at your Childcare Service.
Research from Xplor has revealed that late payments are the number one financial challenge for half of Childcare Services around the world. It’s no surprise as they damage bank balances, relationships, and reputations. But is all this heartache necessary?
Technology has changed almost every aspect of how people do business, from communication to customer service, and it can do the same for invoicing. It can make the payment process as smooth as possible for Childcare Service owners and customers.
According to research conducted by Xplor, Childcare owners recognise the value that technology can bring – over half (55%) believe that smart devices and cloud apps have eased the day-to-day running of their Childcare Service. But the right tools can substantially reduce late payments. Whilst it is the customer’s responsibility to pay promptly, it helps when there are less barriers. Technology can simplify processes that might have otherwise held up the transaction.
For example, cloud-based invoicing programs make it possible to confirm, sign, and approve payments from anywhere in the world. You can send the invoice as soon as it’s ready, see when it’s been opened and viewed, and send automated reminder notices. Some childcare software tools even make it possible to include a ‘pay now’ button alongside your invoice. This lets your customer pay you as soon as they receive their invoice, which means they’re less likely to forget.
It can also go some way towards easing the frustrating, time-consuming authorisation process. Many companies have a classic left hand/right hand problem. Like when the financial team is ready to approve a transaction, but they need a senior team member to sign off. Xplor and tools of its kind allow everyone involved in the authorisation chain to provide their digital signature from a smartphone, a tablet, or any other device. This ensures that a lack of physical signatures don’t cause unnecessary holdups.
Of course, these things only scratch the surface. Technology is advancing at a rapid pace. In a few years, the very idea of late payments may well be an outdated concept. For now, they still pose a problem for Childcare Services, but one that can be significantly relieved with the right technology.
It’s time to get back to education.