Overview
5K Technical Services (“5K Tech”) is a managed service provider offering various remote and onsite IT solutions for customers across Northeast Texas.
Industry: IT Services
Company Size: 10-50 Employees
Problem
No Online Payments
5K Tech never accepted online payments before Alternative Payments. They accepted checks, which had a negative impact on their business. They did not have visibility to customer payments, their collection times were long and were not able to bring cash in the door as quickly. Their primary issues included:
Frequent Billing Emails
5K Tech received 15+ emails a month requesting information on historical invoices, payments, and receipts, consuming the team’s valuable time and resources.
Check Payments
Customers paid via check, creating a lack of visibility into payment timing, longer collections cycles, and manual reconciliation of payments.
High Processing Fees
5K Tech incurred exorbitant payment processing fees for the transactions that were processed online, without any value-added services or customer-facing payment portal.
Solution
Online Payment Experience
5K Tech consolidated payments into one platform to streamline the payment experience, provide a seamless bill-pay experience for customers. Within 90 days of migrating to Alternative Payments, 5K Tech has accelerated collections, reduced overdue invoices, and automated numerous manual processes.
Highlights of the partnership include:
All Payments are Now Processed Online
Via 5K Tech’s branded payment experience, customers can pay easily, while being able to track all historical invoices, receipts and payments, accessible 24/7.
Consolidated Payments
Payments are consolidated within one online experience, which has dramatically improved collection times. It’s never been easier for customers to pay an invoice with:
- Simple checkout process (just 3 clicks);
- Payment method flexibility;
- Payment methods stored on file;
- Auto-pay
After switching to Alternative Payments, invoices aren’t aging past 30 days, and just 12% of invoices over the last 90 days are overdue!
Transparent Pricing and Savings
Alternative Payments’ transparent pricing model has created complete processing fee transparency. 5K Tech no longer pays credit card processing fees themselves, and can budget their exact spend months in advance, while reducing fees by 70%+.
“Making and accepting payments has never been so easy. The system just works”
Results
Simple Online Payments
5K Tech has reduced processing fees, saved hours in manual work, and improved collection times all while enhancing the customer payment experience.
- Reduced processing fees
- Saved hours in manual work
- Improved collection times
“We used to have a bunch of invoices age 90+ days. After transitioning to Alternative, invoices rarely make it beyond 30 days overdue”
