We’re all familiar with the old adage, ‘cash flow is king’, but does it apply to member organisations? Absolutely!
Anyone who manages a business knows that cash flow can make or break it. But for member organisations that receive memberships paid in annual lump sums, effective cash flow budgeting over a 12-month period can prove challenging.
Shoring up more certainty in your association’s cash flow throughout the year will:
- Make cash flow budgeting easier
- Give you clarity around your financial position
- Allow you to make plans for the future.
How can you improve cash flow?
Establishing a direct debit payment system for members will not only provide your association with a secure and regular line of cash, but it will also free up your time.
Make it as easy as possible for your members to pay you and continue their memberships!
One of the keys to acquiring new and retaining existing members is to remove as many barriers as possible to signing them up or to renewing their memberships. A direct debit payment option can do just that, allowing your members to chip away at their fees rather than paying them up front. Plus, many PaySmart clients find that building loyalty and long-term, productive relationships with their members is a natural bi-product of offering this kind of payment option.
A win for members
These days, people are technology-savvy and seek convenience and flexibility when it comes to payments for products, services and even memberships—many even expect it!
Keen to know more?
Click here to contact us now! We’ll explain the data we have that demonstrates how associations’ cash flow can improve when they transition to a direct debit billing system.
Plus, we’ll talk more about how you can grow your membership and make running your association easier with the support of PaySmart’s powerful direct debit billing solution. www.paysmart.com.au
Colin Walker
On behalf of the PaySmart team
