In a market where everyone is selling the same thing, as a franchise… how do you make yourself stand out and be different?
As a franchised business, you will be trading under the franchisor’s brand name, in where you are effectively a sub-section of a larger, established company. You may already have some or all of these qualities within your franchise already:
- An excellent set of brand values.
- A strong marketing strategy.
- Access to a diverse network.
- A unique product or service offering.
- A large customer base.
A simple yet equally effective way you can scale up your franchise is through managing your payments collection process. By choosing the right Direct Debit partner, this will help you to maintain your franchise’s cash flow, as you will be able to know exactly how much money you’ll be receiving and when. By taking control of your payments collection process, you also have the added benefit of reducing lengthy administration and reconciliation time. Not only will this help you to stand out, but it will allow for better business planning in the long term. According to Bacs (PayUK), 43% of SMEs spend a combined total of £6.7 billion in administration costs chasing late payments.
There are other advantages of Direct Debit payments. Firstly, you can set up payments in both variable and continuous amounts which are vital, especially if you are providing multiple products and services. Secondly, any ad-hoc payments that you as a business incur can be paid in a timely fashion via Direct Debit, for example, if your customers wanted to purchase a one-off product and service at any stage you will be to process this through alongside other Direct Debits they have. Moreover, if your prices were ever to increase as a result of inflation on an annual basis, you may communicate to your customers at any stage to inform them about this.
London & Zurich are a member of several franchise associations including the QFA (Quality Franchise Association) which has allowed us to a have a more tailored approach in providing payment solutions to aid franchise growth in the UK. We want to enable SMEs and franchises to function and thrive. As a Direct Debit and card payment provider, we use economies of scale to minimise your costs while providing a cutting-edge service.
To find out how we can help visit: https://www.londonandzurich.co.uk/