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Compel credit card field

one of the absolute most popular pieces of content that I've ever created for YouTube and other channels has been around the question of should I accept credit cards in my business I would make the argument that the conversation has now moved past the question of accepting credit cards - how do I get more of my clients or all of my clients to pay with credit cards the reason I would say this is the question of today is because the game has changed significantly from 5 or 7 years ago do you have a rewards card in your pocket in your wallet in your purse do you have one or more rewards cards are you getting 3 or 5% back at Amazon do you get 1 or 2% cashback on your credit card do you earn points for traveling so points towards airline miles I'm gonna guess you do and I'm gonna guess when you make purchases you want to use your rewards cards that's what everyone is doing across the board you're doing it I'm doing it and all of your clients are doing it now a huge percentage of all transactions are happening on Amazon and online platforms meaning your clients just like you and I are buying online that means they are already trained and conditioned to use a credit card when you go to a fast food restaurant do you still write a cheque no nobody does but that was something to happen 810 years ago and now all fast food restaurants accept checks if you go somewhere and you pull out your credit card and they say oh we don't accept credit cards how would you react to that it's weird it's it's strange to not accept credit cards when a plumber or an HVAC company or electrician comes to your home they expect payment in the moment why is it different for other industries many of the industries that we serve it's fading it's not going to be different for that much longer and that's my argument the reason it's not going to be different is your client wants to pay via credit card all the data says that if your clients are able to pay via credit card they will also spend more money with you so you want to pay with reward cards and they do - and that's why I say the conversation is shifted this is no longer a question of does the client want to pay with credit card the question now is how do I get all of my clients to pay with credit cards because the rewards of getting the reward of getting paid by credit card it's massive imagine tomorrow you woke up and you have an extra 2,000 10,000 20,000 40,000 for some companies $200,000 in their bank account because they get paid by credit card every week every day every month when the cash flow level goes up what does that do it gives you confidence to reinvest in marketing to upgrade your equipment to hire that next individual that would be a game-changer inside the organization that's what's on the line and that's why the conversation of should I accept credit cards is no longer the conversation now the conversation is how do I get paid by all of my clients with credit card so I'd like to offer up after 10 years of service autopilot some best practices that we see many of our very top very best biggest members implementing when it comes to credit card processing so one is it's all around awareness while you accept credit cards do your clients actually know that you accept credit cards have they been told are you constantly reminding them and are you using language that will trigger in them the desire to use the credit card so you could simply say we take American Express Visa and MasterCard and that it message is somewhat telling but it doesn't really tell them what they need to hear at a subconscious level to trigger action for example if you said you could be earning 2% back on every purchase at XYZ company your company now that's a different message or like all that's right I want to be using my rewards card for this so think in terms of messaging that triggers something in their mind that gives them a benefit for taking the action but remember every time you ask your client to do something you're essentially inflicting pain upon them they have to do something you've added something to the to-do list so you've got to match that ask with a benefit and that benefit has to in their mind outweigh the ask I would offer up that every one many are off are trying to maximize their reward points on their credit cards so that's a simple example of one way in which a client could get a trigger to say yes why am I wasting why am I wasting money paying with the check I could be earning points on this expense right so it's it's not just about saying we do something it's about then making a compelling argument for why they want to do it and constantly showing up if you think about marketing common knowledge is you want to be in front of your prospect about seven times before they recognize your name it's about repetition same thing here if one day you show up and say hey we accept Visa MasterCard and American Express and then you go quiet that doesn't work like saying it every time they get an invoice saying it 10 12 20 times a year that's how you get adoption another best practice that we see across our base of clients is they move away from the approach of saying we'd like you to pay with credit card or would you be willing to pay with credit card to saying using simple language at such as to start service all I need is the credit card you'd like to pay with when you're training your team to take an action inside your organization it's natural that they will take the path of least resistance and so what I mean by this is if you tell the team hey try to get a credit card because that's advantageous for the company if they sense any pushback or any discomfort they're not going to ask or they're not going to push and that's why at times having a policy of we only accept credit card solves for that problem because the team does not have an out there only option to sign up the client to sell the businesses to get the credit card but when you give them an either/or choice what you're gonna find is they don't ask they don't push they don't tell the client why they need to pay with credit card and as a result you get a low number of credit cards so a best practice that we commonly see companies take a stance of we work with clients that pay by credit card we do not accept cheques and they don't make exceptions well part of it is it goes back to trust and Trust is earned through consistency and reliability so the best companies are also charging their clients credit cards on a standard so the best companies are charging their clients credit cards on the same day of the week same day of the month so if you charge monthly maybe it's tough first of every month or the last day of the month maybe you charge your clients credit cards every day the day after service or every week meaning the week after service consistency matters it also matters that the invoicing as you know is accurate because it's an area of extreme trust if they feel that you are sending out an invoice that is inaccurate and you're not reviewing your invoices or your internal operations are not in line to make sure that the invoices are accurate and then you Auto charge your credit card there will be a breakdown in trust and so the very best companies have established the system such as reviewing their dispatch board every day to make sure everything is accurate and then closing out the invoices on a regular basis or better set closing out the the job so that they get invoiced and then sending out those invoices on a very consistent day something that we think is a very best practices if you build your clients for example weekly what if you send the invoice on a Monday and then you auto charge the credit cards on a Wednesday that gives your client two days to review the invoice two days to raise their hand call in and say hey I've got a concern so that you can make it right before their credit card is charged another best practice many companies make this this being getting their client base to pay via credit card a high priority project inside their organization the reason they make it a high priority project and by project I mean messaging the clients training the team giving the team talking points maybe going back to the existing base of clients and getting the credit card the reason they make that a high priority project is they know that one of these single most important things in the organization is cash flow their responsibility is the leaders of the company is to make sure the company has plenty of funds plenty of cash and as a result this is a lever in the organization when you have enough cash it makes everything else possible so they make this one of the absolute highest priority projects in the company conversely many companies ignore this they kick it down the road they delay year after year they don't implement in year after year they don't have the funds to be any different or better than all of the other companies they compete with in their marketplace my personal belief is that credit card process thing really costs about 1% of the transaction and the reason for that is when you're not charging the credit card you've got higher collections higher bad debt you've got phone calls and to dues and emails you've got labour chasing the money and whole variety of other expenses inside the business and so when you take that cost out of the equation it offsets some of the credit card processing fees and my personal theory and I'm not backing it up with data is the real cost is around 1% if you're running your business on a line of credit and so you've got a cost of money expense whether you're using credit cards or line of credit then I believe that using credit cards becomes free because the money you're bringing in faster allows you to not use those credit cards not use that line of credit or at least use less debt and so it offsets the interest expense so to me credit card processing is one of the most compelling things you can implement inside your business and it goes back to this concept of the top companies are making this a high priority project inside their organizations if you'd like more ideas please feel free to ask our team we'd love to help you I can tell you from personal experience it's been a difference maker obviously this is how service autopilot was built you give us a credit card we charge your credit card we get paid by our members every single day of the month it's life-changing it allowed us to build this business without using any debt I did the same thing in my service company I just can't speak highly enough of how important this is so if you find this to be highly risky or you're worried about it I'd suggest you simply implement run a little test implement with your exact ly --nt so every new client that comes in get a credit card auto charge your credit card on whatever frequency you've designed into your organization and once you see firsthand that it's easy that it works that it's effortless that your clients like it then you go back and get your credit cards from all your clients but if I could make one personal recommendation I would say the very best way to run the organization in my opinion is to have a policy of one hundred percent of our clients pay us with credit card and when you get to that place you'll find it's a cakewalk if you have questions please ask us we'd love to help you thanks a lot