For many businesses, credit cards are now part of their day-to-day operations. Reports show that by the end of the second quarter in 2023, there were around 578.35 million credit card accounts open in the US. Most businesses use credit cards to pay bills.
Let’s consider the example of a weight loss clinic.
Managing finances is an important part of running a weight loss clinic. With the rising cost of medical supplies, equipment, and administrative expenses, many clinics rely on credit cards for bill payments.
Let’s see what are the payment challenges faced by a weight loss clinic that pushes it to use credit cards for paying bills.
Click Here To See Interactive Demo⬇
- Many clients may pay in installments, and insurers may take time to process claims. This can lead to cash flow issues. A credit card can help the clinic make urgent bill payments while waiting for revenue.
- A weight loss clinic may have to pay for multiple bills such as medical supplies, equipment, rent, utilities, etc. A credit card lets you cover all your bills even during low cash flow.
- There might be seasonal variations in the number of clients, which may lead to fluctuating revenue. In slow periods, clinics may depend on credit cards to pay bills while awaiting higher revenue during peak seasons.
- Some vendors may demand immediate payments. In such a situation, a credit card serves as a practical solution.
However, one of the common drawbacks of using credit cards is its interchange fees. Interchange fees are transaction charges a payee pays when receiving a card payment. This is the reason why many vendors refrain from accepting credit cards.
How can you get rid of these interchange fees? One effective solution is Zil Money.
Eliminate Interchange Fees
With Zil Money, you can eliminate the interchange fees that your vendors may have to pay while accepting your credit card payment. Here, the platform acts as an intermediary between you and your payee. That is, while making credit card payments via the cloud-based platform, you will first send the payment to the platform. Next, the platform will accept your card payments and then send the money to your payee via the payment method chosen by you.
This way, you can enjoy your rewards, and at the same time, your payee doesn’t need to pay transaction fees. Given the high costs associated with running a weight loss clinic, these rewards can add up quickly. Clinics can use these rewards to reinvest in the business, pay down balances, etc.
Steps to Make Bill Payments
To make bill payments via credit card using Zil Money, follow the given steps.
- Click on the credit card choice from the ‘Pay From‘ drop drown.
- Choose the method via which you prefer your payee to get paid from the ‘Pay As‘ drop-down.
- ACH, wire, virtual card, and check mail are the options you can choose from.
- Now, type the amount you wish to send.
- Select the card and enter the payee details.
- Add invoice number and memo.
- You also have the option to add attachments, comments, and remittances if you wish to.
- You can even add your signature.
Now let’s see what are the other bill payment options offered by Zil Money.
Virtual Cards
Virtual cards are the ideal method to pay vendors who demand immediate payments. Reports show that the US will account for $71 billion in B2B virtual card revenue by 2027. You can make virtual card payments easily via Zil Money. All you need to do is fill your wallet. You can use funds from your wallet and make payments to your payee via virtual card until the wallet balance becomes zero. Once the balance is zero, you can easily recharge it.
ACH
ACH payments are an increasingly popular method to pay bills due to their cost effectiveness, speed, and convenience. The ability to automate recurring payments is another reason. In the year 2023, the total bill payments via ACH were 14.43 billion. This figure is an increase of 4.1% compared to the previous year. ACH payments are handled by the ACH network, which is guided and monitored by NACHA. Zil Money is an official member of NACHA. So, making ACH payments via Zil Money is easy and affordable.
Checks
For vendors who prefer the traditional method, you can pay via check without worrying about the usual inconvenience. Zil Money allows you to print check on demand on blank stock papers. That is, you no longer have to wait for pre-printed checks to get delivered. Moreover, the platform offers fast check delivery methods which ensures that your bills are paid on time.
Conclusion
With Zil Money, a weight loss clinic can use credit cards to pay bills. The platform’s ability to send credit card payments without charging payees can improve cash flow. Moreover, other bill payment methods, such as ACH, virtual cards, checks, and more, are significantly beneficial.
