Cleaning Business Cash Flow
It sucks trying to process credit card info all the time, it’s like a part time job. For commercial companies they are constantly managing all the different ways people get paid.
Today Mike interviews Mike Coy from True Merchant Advantage and goes over merchant processing for cleaning companies.
Mike and Mike agree that you have to have an agreement for payment right off the bat with your customers.
Are you one of those companies that individually negotiate payment dates? Listen in to why that is a HUGE mistake and how you can fix it and your cleaning business cash flow problems in 45 days or less.
BONUS TIP: When you sign a contract, if it’s before the 15th get a cc and charge them for the rest of the month. If it’s after the 15th charge them for what’s left in this month and the next month.
Learn the secret to solving your cash flow problems forever.
Every other major vendor charges the same time every month, (mortgage, health insurance car ins etc) Why aren’t you?
This helps with bad debt and non payments. Anyone that isn’t approved, they don’t get their cleaning that month - call them right away and give them the opportunity to pay you for 2-3 days and if they don’t, you don’t service that account.
Listen to what Mike and Mike say is the best way to stop chasing your customers for payment.
Are you eager to solve your cashflow problems but have anxiety about customer reaction and contracts? No problem, Mike and Mike cover how to set it up right with your client with easy contracts.
They cover the 2 Major things that freak people out when they think of integrating merchant processing to their billing:
It’s important that you understand how the money goes from your customer’s card to your account.
You can swipe it on an iphone Or manually type it into your account on your computer
Best of all you can do one time payments and recurring payments.
BONUS TIP: You no longer need a swiping machine or modem, you can use something that attaches to your iphone or key it in online on the portal.
What about credit being a factor in getting a merchant account? Are you concerned you have to have perfect credit and a vatican blessing to get approved for a merchant account?
Don’t worry, It’s like getting a loan, as long as your credit is above 600 and you haven’t had previous merchant accounts shut down you should be able to get an account.
What about contracts??
Never fear, Mike Coy to the rescue, they have forms that their clients have to use with the basic info to cover you as a business to charge your customers.
BONUS TIP: Keep the contracts super simple
Getting a true signature helps against customers lying about what they agree to and reducing your chargeback occurrences.
You can modify your contract to include billing and charging your customers .
You might be surprised to hear how quickly you can get your money once the payment has been processed, listen in to get the inside scoop.
Ever accidentally bill someone? No problem, undoing the charge is easy as a button click. Listen to the show to get the full details.
Mike’s recommendation is at the min set up an automatic billing for your customers. It’s a convenience to them as well as you!
Want to know how do you transition all old customers into this new system? Mike Coy gives a detailed step by step story of how he switched his own company from sporadic billing to one monthly billing in less than 45 days.
Mike Coy recommends the 4 hour work week - Timothy Ferriss for some mind blowing shifts in mentality over your company.
BONUS TIP: You have to cut service to clients who don’t pay
WHen you continue to service customers who are in default, you end up throwing good money after bad because you are constantly chasing the guy that owes you 1500 and he knows you want the money but won’t stop service.
Learn how to nip that in the bud with merchant processing.
Finally Mike and Mike confront the the fear of all your clients freaking out. Hear what they have to say about the shift from paper to automatic billing.
Mike Coy has set up a very special page just for owners of cleaning companies to get more information about what it would look like to get a merchant account set up for your company. www.growmycleaningcompany.com/cashflow takes about 20 minutes and cost nothing!
So stop wasting time by reading! Go there now!
Check out the last episode- http://www.growmycleaningcompany.com/how-to-make-cleaning-cool/
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