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Posted on December 12, 2017Online marketplace vs e-commerce webpage – which one you should turn to?
You are trying to use your online presence and turn it into something more tangible than good reputation but you are not certain how to do it. If you are looking into increasing your revenue by not only offering but also selling your services online, you need to know that there are several roads you […]
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Posted on December 6, 2017The essentials of Mobile Payments
The days of going to a shop in order to buy something are already in the past. Today, you can purchase whatever you want from home, sipping a cup of your favorite coffee. You just need to grab your smartphone and enjoy buying anything, anywhere in the world. As the annual Mobile Money Report says, […]
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Posted on October 31, 2017The importance of transactional e-mails in SaaS businesses
The foundation of SaaS businesses are recurring payments, correct? As a person running this kind of business, you would like it very much if all the payments kept recurring seamlessly. Well, that’s understandable, you have done so much. Your clients have a myriad of payment options, multiple currency acceptance, they have it as easy as […]
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Posted on September 25, 201710 direct debit tips for gyms
Cashflow is essential to any organisation’s success – including gyms. At Debitsuccess, we’re the specialist at collecting recurring payments from customers through our full service billing solution so here are some things to consider when deciding to offer a direct debit option to your members:
1. Frequency pays off, so give your members options
The simple psychology of the subscription model equation is that a customer feels more comfortable with paying a small amount than they do a large amount. The more frequent the payment, the smaller the amount will be.
Our statistics show that weekly payments are the most popular with customers, and also the least likely to default. Clearly, paying a smaller amount – be it weekly or fortnightly – is more achievable, so make sure you have these options available for your members.
2. Flexible timing is key – fit in with your members’ lifestyles
Flexibility around timing of payments also goes a long way toward making customers feel comfortable about paying for a subscription service.
A further sampling of our statistics shows that Thursdays, Fridays and Mondays are the most preferred days for customers to pay. So, if your gym can be set up for payments on the day of the week that a member chooses, you’ll be able to attract more members. Ensuring people can pay when they want and how they want will build better relationships and help keep them coming back to pay you again and again.
3. Reversals are inevitable, so don’t stress if you get a few
In data tracked from a year’s worth of subscription billing, we know to expect that a small percentage of direct debit transactions will bounce initially for various reasons, such as insufficient funds. That’s no reason to avoid direct debit plans – the important thing is that you have a method for following this up.
4. Avoid credit control at your peril
Not having a robust process in place to manage credit control will mean less cash flow now, and ultimately more expense in administration costs. So it’s critical to have clear processes in place to manage credit control.
Outsourcing your billing to a third party provider can easily solve this issue, and means that your gym can focus on maintaining a great service, while your billing company manages the task of dealing with the reversals.
5. Ensure you’re secure
As with a number of industries, data security is integral to the fitness sector. Being secure and compliant with all industry regulations gives people peace of mind.
We’re an Authorised Representative under the Australian Financial Services Licensing Regime and we’re compliant with anti-money laundering legislation. We’re also an externally audited Level 1 compliant company under the Payment Card Industry Data Security Standard (PCI DSS) – so we have the policies, procedures, physical structures and technology to ensure data and credit card information is protected.
6. Save time and money
Following up on missed payments can be a huge administrative burden. And what if someone wants to change their payment schedule? Needs to advise a new address? Or has an account related query? All these aspects of managing direct debits take time.
Our full service solution saves our customers’ time and administration costs, and our award-winning customer service team is available to assist with any account changes and related queries. Essentially we offer an affordable way to increase business efficiency, profitability and growth by optimising the way payments are collected. This means you can focus on your business.
7. Options, options, options
Technology allows a diverse range of options for your members to pay. It’s all about making it easy for people and maximising collections.
That’s why we have options such as PAYNOW, which allows members to go online and pay outstanding fees on their payment plan at any time, including bank account to bank account payments. What’s more, we’ve found that the introduction of this service has seen payments from outstanding customers double – a win-win for all involved.
8. Increase retention
It’s simple – once a customer has an established form of payment that they have to re-establish if they shift to a competitor, they’re less likely to move.
We’ve found that direct debit plans increase retention due to their reliability, ease of use and security guarantees.
9. Working with others
Most businesses have existing business management software and, to make life easier, it’s important these systems can talk to each other.
Application program interface (API) integration enables us to integrate our industry-leading tools with other partners’ products and applications so we can provide our customers, including those in the fitness sector, with greater options and scope. In fact, we already integrate with a number of the gym industry’s systems.
10. Consistent cashflow
A steady and reliable cashflow is vital to any business. Relying on large one-off payments could make your business vulnerable should these slow down for whatever reason. With an effective direct debit plan, gyms like you can rest assured that you have regular and reliable cashflow, putting an end to chasing payments and late fees.
Helping you to help your members
Having a recurring payment solutions provider like Debitsuccess on board helps gyms to help their members. It means greater flexibility, consistent cashflow and a full credit control system, saving time and money so gyms like yourself can focus on what’s really important – your members and exceptional service.
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Posted on September 7, 2017Key attributes of an effective payment solution provider
Like walks on the beach? Good sense of humor? When looking for a partner, there are plenty of attributes to think about. The situation is the similar when considering a payment solutions provider.
Based on many years in the payments industry, here are five key areas to look for in an effective payment solutions provider:
Level 1 PCI DSS compliance
Payment card security is a growing concern and should be a priority for any provider worth its salt.
The pinnacle in data security is the Payment Card Industry Data Security Standard (PCI DSS). This is a globally recognized commercial compliance standard for organizations that store, process or transmit credit card holder information. It represents a common set of industry tools and measurements to help ensure the safe handling of sensitive information.
The top level of PCI DSS compliance – level 1 – must be externally assessed, with approximately 380 mandatory controls. These include building and maintaining a secure network, protecting cardholder data, regularly monitoring and testing networks, implementing data security awareness training with employees and maintaining an Information Security Policy.
This means level 1 compliant companies must have the policies, procedures, physical structures, and technologies to ensure credit card information is protected. It involves assessor visits to validate compliance and extensive external and internal penetration testing, and regular reviews between audits.
Level I PCI DSS compliance helps businesses respond to and mitigate potential data security breaches and cyber security attacks; as well as assisting customers to become more efficient, leading to an improved bottom line. Businesses that place importance on detailed data security measures clearly demonstrate they take their responsibility as a trusted organization seriously, giving peace of mind to all involved.
Exceptional customer service
Effective and efficient customer service that’s helpful and hassle free makes a significant difference for an organization.
A proficient customer service team will apply your organization’s rules of engagement in all its dealing with your customers, operating as an extension of your team. Accurate and effective support in this area will free up your business’ valuable time, allowing your team members to concentrate on other aspects of the business.
Payment schedule options
Flexible payment options is a major aspect of getting paid on time! An effective payment solutions provider will allow payment frequencies to be arranged weekly, bi-weekly, or monthly so your customers can align their payments to fit their lifestyle – and ultimately you receive regular funds as owed.
The provider should also work with your customers to arrange any follow up or additional payments accordingly.
Accurate reporting
A full suite of reports are critical for organizations working with a payment solutions provider. These reports should detail activities including new customers, change requests and other key information that assists with account/deposit reconciliation.
The information should be current, meaning electronically is the way to go. This will allow you to have an up-to-date snapshot of activities with the option to look over the details of collections and outstanding payments as you wish.
Full, part or no service?
A number of organizations claim they offer a full service but what does it mean? In this industry and based on significant experience, full service means you can focus on running your business and your provider collects the outstanding payments.
There are many ways to do this including an email or SMS with a link to pay online, letters and phone calls. The difference is having a dedicated team managing responses and following up where appropriate to ensure communications are responded to and actioned.
A successful working relationship with a payment solutions provider is about understanding your business and facilitating payments from your customers – all in a stress-free way that supports your organization, making it easier for you to do business.
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Posted on August 20, 2017The full picture of full service
Looking for a membership approach that can help you help your customers? A recurring payment solution means greater flexibility, consistent cashflow and a full credit control system, saving time and money so you can focus on what’s really important – your organisation and your customers.
When it comes to payment solutions, there are a number of elements that truly make a difference. A ‘full service’ model comprises several activities that are performed on behalf of clients to manage their customers.
At Debitsuccess, we send approximately 60,000 SMS messages each month as part of our recovery strategy. This means we contact our clients’ members to facilitate overdue payments. It’s an activity that is growing in results given how many people use mobile devices.
Our data shows approximately 10% of the people we contact via text use the PayNow link within 12 hours to make a payment. A further 10% contact our team to discuss their payment status or make a payment within 12 hours of receiving the text.
There are some customers with overdue accounts who don’t have valid phone numbers or don’t respond to SMS messages. Contacting this group sees us send approximately 180,000 emails per month with a link to make payment. Around 30% of these recipients make a payment via the PayNow link or call our Contact Centre.
For those who don’t respond or who have limited contact details, our team makes approximately 100,000 outbound phone calls a month leaving messages or talking directly with customers so we can retain them on behalf of our clients. The aim of this is to work with customers to make arrangements for payment, catch up payments, resolve disputes, update payment details or take payment over the phone.
The final result? This comprehensive recovery strategy leads to less than 0.5% of customers being referred to a debt agency each month. And, because we pride ourselves on consistently striving for better results, we’ve identified how this can be further improved. We’re working with our clients to put a stronger emphasis on data capture at customer sign up. Capturing valid email addresses is vitally important given more than 15% of newly signed customers not providing an email address or providing an invalid address. It facilities a payment solutions provider’s ability to retain customers who may have had a payment issue.
When it comes to the full picture of full service, there are many pieces to the puzzle with accurate information a critical aspect.
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Posted on May 29, 2017When is full service truly full service?
A number of organisations claim they offer a full service – so what does this look like in the world of payment solutions?
When it comes to collecting regular payments from customers, some businesses follow up outstanding payments with an email or an SMS with a link to pay online. It goes without saying that this doesn’t necessarily equate to payments being made and managed.
Our research indicates that sending an SMS will get 7% of customers to click on a link and make a payment, with another 7% calling immediately to make payment arrangements. All well and good if there’s someone for customers to contact and manage the correspondence around the payment.
What happens to the 86% of people who haven’t responded? And others who don’t have a valid mobile phone number or no mobile phone at all? Do they get a follow up via email, letter or telephone? And who makes and receives these responses and monitors how they’re handled?
This is where ‘full service’ comes into its own. Having a website payment channel only works if there are dedicated people able to manage the responses and follow up where appropriate – otherwise the communication is as effective as the other SPAM messages that don’t get opened.
Debitsuccess is part of the Transaction Services Group (TSG), a leading global payment solutions provider with a presence in Australasia, the United Kingdom and the United States. TSG specialises in the delivery of recurring payment solutions for a wide range of industries, and its businesses are leaders in their respective markets. TSG currently initiates over 75 million transactions annually for 7,800 clients and 4.1 million customers.
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Posted on April 9, 2017Making data security a priority
In today’s online world, payment card security is a growing concern. Its impact is being felt by organisations and individuals around the world. So, what does it mean? How does it affect us? And, most importantly, what can we do to ensure we’re meeting, and where possible exceeding, our security obligations?
The pinnacle of data security
When it comes to data security, the pinnacle is the Payment Card Industry Data Security Standard (PCI DSS). This is a globally recognised commercial compliance standard for organisations that store, process or transmit credit cardholder information. Established in 2004 by five major international credit card companies, it represents a common set of industry tools and measurements to help ensure the safe handling of sensitive information.
PCI DSS compliance is validated at four different levels, depending on transaction volumes. Companies at levels 3 and 4 can self-assess, level 2 can self-assess or be externally audited, and level 1 must be externally assessed, with approximately 380 mandatory controls. These include building and maintaining a secure network, protecting cardholder data, regularly monitoring and testing networks, implementing data security awareness training with employees and maintaining an Information Security Policy.
Essentially, level 1 compliant companies must have the policies, procedures, physical structures, and technologies to ensure credit card information is protected. This involves assessor visits to validate compliance and extensive external and internal penetration testing.
The increasing importance of data security
PCI DSS compliance provides several key advantages for businesses. It helps them respond to and mitigate potential data security breaches and cyber security attacks; as well as assisting customers to become more efficient, leading to an improved bottom line.
The security of personal information has become its own business. It’s viewed as a competitive difference for the ‘haves’ and ‘have nots’ of the business world, and typically boosts the reputation of organisations employing it.
Fines for non-compliance from acquiring banks range in value and, in some cases, banks may terminate a merchant relationship or increase transaction fees. Given this, the impact on businesses can be significant.
Good for customers. Good for business
Comprehensive compliance is not about simply ticking a checklist! It takes focus and commitment. It also takes time and money. Structures and processes need to be adequately implemented and continually reviewed, even between audits. Ultimately, compliance encourages better security practices, avoids non-compliance fees, and makes sound business sense.
Businesses that place importance on detailed data security measures clearly demonstrate they take their responsibility as a trusted organisation seriously, giving peace of mind to all involved.
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Posted on January 23, 2017Online Transaction Security Guide
With the rise of online banking options and shopping sites that encourage the use of checking and credit card information, online transaction security is even more important. As the web grows and diversifies with options for online payments, a number of false sites pose a constant threat to all computer users. Exchanging sensitive information without the appropriate encryption technology or security measures can make a computer user or identity particularly vulnerable. Online transactions take place at record speed, oftentimes faster than a standard credit card transaction or check processing. Transmitting personal data over the Internet does pose various risks, and taking preventative action is a necessary part of ensuring online safety.
Online transactions can be monitored, recorded, and key logged by a variety of hackers and third parties without the knowledge or consent of the user. This information is transmitted across networks and opens up the door to a variety of risks that can fall into the hands of the wrong party. If passwords are stored on a user’s computer, they are especially vulnerable to security breaches. A computer security hole can open up the door to the password files, and hackers can extract and copy this information without the user’s knowledge.
Password files and information need to be protected as much as possible. This may involve frequent changing of the password, and using unidentifiable keyword combinations. Making sure passwords are a combination of numbers, capital and small letters, and special characters can prevent any manipulation simply by guessing the code, and taking the steps to change the password frequently may help with unauthorized access. Not sharing passwords with any other person is another important step; online transactions rely heavily on a user name and password. If just one other person has knowledge of this combination, it may lead to dangerous ramifications in the long-term. Create passwords that are easy to remember but hard for others to guess. Make the password at least 8 characters long. Consider using multi-factor authentication. Many services offer an option to verify your identity if someone logs on to your account from an unrecognized device. The typical method is to send a text or other type of message to a mobile device registered to you with a code you need to type in to verity it’s really you.
To be sure that you are protected you can use IPsec Virtual Private Network, which allows you to create a secure connection to another network over the Internet. VPNs essentially forward all your network traffic to the network, which is where the benefits – like accessing local network resources remotely and bypassing Internet censorship come along. VPNs are a fairly simple tool, but they can be used to do a wide variety of things: access a business or home network while travelling, access geo-blocked websites, downloading confidential files and others. Secure websites and pages will feature two important conditions that indicate they are using encryption technology and a Secure Socket Layer. This is indicated by “https” (letter ”s” after the http portion of the URL), and means that the server is a secure one.
Downloading from trusted sources can help to protect a user’s sensitive information, as this limits the potential risk of viruses, worms, and other dangerous threats that can lead to data mining and data loss. Making sure all websites that involve direct credit card information and checking account information exchange have a padlock symbol or icon will ensure that the site has been assigned the authority to accept secure and protected information. Make sure you also double-check the website certificate prior to entering your payment details. Using software that protects and encrypts sensitive information like user names and passwords, and highlights if a site is secure or not, may dramatically improve your online transaction security. Such software should:
- Remove already known dangerous and suspicious applications.
- Store your passwords in encrypted mode in a secured place.
- Block known phishing web sites and warn about those that are suspicious.
- Stay up to date with latest antivirus and computer updates.
- Not allow the installation of third party software from untrusted sources.
If you want to learn more about online safety check out our list of common scams to look out for.
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Posted on January 22, 2017Top sales and marketing tips
Looking for ways to kick-start your sales and marketing for the New Year? Having a successful sales and marketing plan heading into 2017 will ensure your resources are allocated effectively, your business is promoted and grows, and you stand out from the competition.
Here are some sales and marketing ideas to consider for your 2017 plan:
AdWords/paid search
This is still one of the fastest ways to attract new business. When someone searches on Google for a product or service, they’re usually a fair way down the path in the buying decision. Signing up for Google AdWords is free and you only pay when someone clicks on your ad and goes to your website or landing page.
With this approach, you determine your budget and can adjust this to suit your needs. Pick the key words or phrases you want to use (you can get Google to help with this), along with specific regions you want to target.
Refer a friend programme
Referral programmes should be double sided – that is, always offer incentives for both the referrer and the friend. Keeping a simple referral programme will allow you to open up the programme to as many people as possible.
Email/content marketing
Review your strategy, content and know the audience you’re marketing to. Decision markers get marketed to every day so avoid the broad-brush approach of a generic marketing message to polar opposite industries; that means, content marketing for a fitness facility and a registered training organisation should be different and targeted to the specific industry.
Channel partners and strategic alliances
Introducing a partner development channel into your business is a fantastic way to generate new revenue streams within existing and new markets. Channel partners are an extension of your business, which means you’ll have more people promoting your products and services.
Networking
Whether you’re at a BBQ, corporate dinner or an event, take advantage of having something in common at that time. Meet people, make new contacts and polish your elevator pitch
Newsletters
A powerful channel for building your reputation with a defined audience over a period of time. A great tool to educate your audience, newsletters can be used to position you as an authority in your market and/or to build closer relationships with clients.
Exhibitions and trade shows
In general, serious prospects will attend these exhibitions and trade shows so it’s an ideal opportunity to showcase your organisation and offering.
Build a community
There’s a lot to be said about communicating and building a community around the products and services you offer. This may include what you’re working on, why you’re working on it and other information such as new releases and customer feedback.
We all like to feel that our ideas are valued and, where appropriate, actioned. This helps build good will and those involved will be quick to tell their network about an organisation that listens to them.
Social media
It’s important to choose the right social platform for your business so you avoid wasting time in the wrong place. This means you need to understand and determine who your customers are and what social media platforms they interact with. A good way to do this is to run a survey with your customers and ask them what networks they visit; then you can focus your time accordingly.
Some ideas to boost your 2017 sales and marketing activities. All the best for your business success!
