Building a good business reputation takes commitment, and making bill payments on time is part of that process. By staying consistent in paying your bills, you can maintain strong relationships with your vendors and suppliers, potentially leading to better pricing, more favorable contract terms, and an extension of credit when you might need it. Avoiding the following bill pay mistakes can help you get there.
Mistake #1: Not understanding the fees.
Fees are usually part of the bill. You can easily end up paying more than you expect if you don’t do some research before using a bill payment tool. Some platforms are not as transparent as you’d hope about their fees for business checking accounts or bill payment methods. Keep an eye out for those hidden fees so you don’t get caught by surprise. They can easily unbalance a budget.
How to avoid
Get in the habit of reading contracts more than once. It also might help to have someone else review them before you sign. The “fine print” is where those hidden fees can be found. For example, if your business sends international payments, you want to use a payment service that makes fees predictable instead of having to do the math to figure out how much you’ll owe in foreign transaction fees.
Mistake #2: Not knowing all your payment options.
Using bill pay tools can ensure that your bill payments go out on time. Automating them is the best way to do this. Unfortunately, many small business owners aren’t aware that’s an option. One of the common mistakes you can make with bill pay software is not knowing what all your options are. The best bill pay tools include automation, budgeting, scheduling, and accounting integrations to make your life even easier.
How to avoid
Do your research when choosing a bill pay platform for your business. Find the one that fits your needs and be aware of all your options when you start using it. Each function is built into the software for a reason, so it’s important to explore your options to figure out what works best for your company. That way, you can save time paying your bills and streamline your accounts payable processes.
Mistake #3: Ignoring customer support.
Researching functions is only one part of the analysis you should do while you’re shopping around for bill pay software. Customer support is just as important, and ignoring it is a mistake you’ll pay for later when you need help troubleshooting a technical issue. Will someone be there to answer your questions? How speedy and effective will they help you resolve your issue? Customer support comes in many forms, so it’s critical to know what you’re signing up for.
How to avoid
Read online reviews about customer experiences with the support team. Explore the website for self-guided resources you can use to find answers. If the bill pay platform offers a free trial period, try the customer service function to evaluate response time and user experience. Don’t wait until your situation is dire—test this out as soon as possible.
Mistake #4: Not asking enough questions.
Don’t risk being blindsided with product limitations, restrictions, payment limits, or other issues that you didn’t think to ask about when you first signed up. There’s no such thing as asking too many questions when you’re the customer. It’s up to the bill pay service provider to make sure you have all the answers you need.
How to avoid
Paying bills on time is a big part of building your company’s reputation. You’ll want to have bill pay tools that simplify that for you. Ask a lot of questions before deciding which platform is the best fit for your firm. For the best results, make a list of all the questions you have about the product and speak directly to a customer service representative. That way, you can choose the right tool, familiarize yourself with all the features, and make payments in a way that makes sense for your business.
Save time on bill payments so you can focus on growing your business.