Late payments in private practice can be a very frustrating experience, especially when you are trying to manage your cashflow and are relying upon the income to pay your own business expenses.
We can use a variety of ways to ensure we are paid on time, such as emailed invoices, accounting software, practice management software, use of a virtual assistant to keep track of payments and chase those who are late in paying. You can improve this by moving from manual bank transfer options to online payment buttons or Apple Pay but all of these methods still rely upon our clients to take that action to make the payment.
What if there was a way to automate the billing like a direct debit, but a direct debit that only took the amount that the client owed rather than a fixed fee each month? Well, there is... Welcome GoCardless!
Clients set up their banking details with you once using a payment link
This allows them to create a direct debit style agreement through GoCardless
Payment is taken from the client's bank automatically when you invoice them
You can set this up for ongoing payments or a one-off payment
GoCardless builds simple and secure direct bank payment solutions for people and businesses everywhere by enabling people to pay directly from their bank accounts automatically. They put businesses in control of their payments, helping them to get paid faster. 75,000+ businesses around the world trust GoCardless to power their payments. Collect payments from 30+ countries, processing over $30 billion each year. GoCardless help businesses collect both recurring and one-off payments, without the chasing, stress or expensive fees.
Some of the businesses that use GoCardless are TripAdvisor, DocuSign, The Guardian, HM Government!
Key Benefits
Automated Payment Collection: With GoCardless, you can set up automated payment collection from your customers or clients. No more manual entry of bank details, and no more waiting for cheques to arrive.
Predictable Payment Schedules: Set up recurring payments with ease. Whether it's monthly subscriptions, annual fees, or instalment plans, GoCardless handles it all, reducing the need for manual follow-ups.
Real-time Tracking: Keep a real-time track of your payments through a user-friendly dashboard. Know who has paid and when, without the need for manual reconciliation.
Improved Cash Flow: By reducing late payments and automating collections, GoCardless can help improve your cash flow. Say goodbye to cash flow worries and hello to financial stability.
Reduced Admin Overhead: With payments automated, you can redirect your valuable time and resources towards strategic business activities. Focus on growth, innovation, and customer satisfaction.
Enhanced Security: GoCardless is governed by GDPR law data security, safeguarding your financial information and that of your customers.
Seamless Integration: It's easy to integrate GoCardless with your existing invoicing and accounting systems, making the transition smooth and hassle-free.
Customer Convenience: Your customers or clients benefit too. They can set up payments and forget about them, ensuring they never miss a payment deadline.
The Good News About Data Protection and GoCardless
The good news about GoCardless is that it GoCardless is headquartered in the United Kingdom, and registered with the UK Information Commissioner’s Office under registration number ZA024862. GDPR Law states that we as a 'Data Controller' we must do our due diligence on the 'Data Processors' (e.g. people or the software that we use in our business to help us process our personal and sensitive data) to ensure that they are handling the data with the highest data protection standards, of which GDPR Law requires. Find out more on their website here.
Integrations and Fees
GoCardless integrates with accounting software such as Xero, QuickBooks, Sage, Tide, Salesforce and others.
There is no monthly fee to use the service, the fee is 1% per transaction + 0.20p (capped at £4 total). An additional fee of 0.3% applies to UK Bank Debit payments above £2,000.
GoCardless are currently offering a 90 day no fee trial
How To Get Started With GoCardless
It is very easy to set up an account with GoCardless. If you would like to trial using GoCardless in your business then please use my affiliate link below:
Join GoCardless
[Affiliate link on hold - please come back soon]
The Private Practice Suite Business Consultations
For support to optimise the way you run your private practice or to think through particular challenges you are facing in your business, or a particular business goal, please get in touch to see how The Private Practice Suite business consultations can help you.
We offer one off 1:1 business consultation sessions via video conferencing or you are welcome to book a package of consultations if you would like to work on a specific business area over a few sessions.
Please get in touch for a free 15 minute consultation.
*CONTENT DISCLAIMER
The information contained above is provided for information purposes only. The contents of this article are not intended to amount to financial advice and you should not rely on the contents of this article to make decisions for your business. Professional advice should be obtained to explore your personal circumstances before taking or refraining from taking any action as a result of the contents of this article. Dr Sarah Simmonds, Trading as The Private Practice Suite disclaims all liability and responsibility arising from any reliance placed on any of the contents of this article.
** AFFILIATE DISCLAIMER
I recommend products and services that I have used myself or I have reviewed and believe to be helpful. Links marked with ** earn an affiliate commission for my recommendation of them to you. I ask that if you found this blog post helpful then I would value your appreciation by use of my specific referral link at no extra charge to you. Alternatively, if you do not wish for me to receive affiliate commission on such products then you can search for the links via traditional search engine or via links provided by others.
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