Advantages of automated payments
The administrative and financial management of your members isn’t always fast and straightforward, especially not when it comes to billing and membership payments. Automating this process has many advantages for both the association and its members.
As a membership-based association, the administrative and financial management of your members, together with central data management and always up-to-date contact information, are just some of the challenges for your organisation. NORRIQ Memberships offers a 360-degree solution to overcome these obstacles, including member payments and automatically generated structured payment numbers (OGM) that can be linked to any specific membership . Let’s look at the advantages of automating membership fees.
What is automated payment?
Automated membership payment simplifies administrative and financial management and everything is processed directly into your central database and your accounting. The NORRIQ Membership solution offers easy integration of automated payment providers such as Twikey which offers multiple payment methods such as through QR codes, direct debit or an after pay link. Making sure your members easily and instantly can pay their fees, has many advantages.
Advantages for you as a membership-based association
- Save time: you no longer need to manually generate invoices or reach out to individual members as your software automatically takes care of this for you.
- Customer retention: automatic payments make members stay longer. Why? Because it’s easy, and members are allowed to remain active without the hassle of remembering to pay their subscription fees.
- Fast payment: easy and automated payment ensures that your member will not miss any due payments and accelerates the payment process.
- More cash flow: when members pay frequently and precisely on a scheduled basis, they are less likely to miss payments, ensuring cash flow. Knowing the exact date and amount you will receive also helps you to plan and manage your expenses more efficiently.
- Track payments: automating the payment process, means you gather trackable data that automatically can add a paid or non-paid status to your members. This allows you to follow up on non-paid fees and send structured payment reminders to those who have missed or forgotten to pay.
- Planning and marketing: When customers make purchases on a scheduled basis, it helps with planning for the entire budget, and also gives data for the marketing and sales analytics.
- Lower your costs: making sure your members can pay online saves certain costs on office supplies, such as envelopes, paper and more. Let’s not forget, the eco-friendly component of moving your payment processes online.
- Act fast: automatic payment also means you can activate new members as soon as they have paid their fees, enhancing customer experience.
Advantages for your members
- Saves them time: automating the payment process means your members don’t have to repeat inputting personal data each billing cycle which saves time.
- Instantly a member: in some cases, it is beneficial if payment gets processed immediately, instantly making them a member. For example, when becoming a member implies having access to certain insurances or being insured without any delay.
- Correct and safe: as a member, you don’t want to receive faulty invoices. Using automated payment makes sure your member always receives the right invoice and assures they can pay through a safe online environment.
Ready to discover the benefits?