Online and mobile payments dominate the way the world does business in 2021. In fact, to quote from one of our earlier articles, “online payments are projected to reach $8 trillion in 2020 by 2024. And, according to Bain & Company, ~70% of transactions will be digital payments by 2025.”
Always early to adapt, Design Manager has been offering online payment options since 2010. Today, Design Manager’s Pro Cloud offering is integrated with Stripe, a leading third-party facilitator for online payment processing. And now, Design Manager has announced an even greater expansion of its online payment capabilities.
Let’s take a look at what’s new:
New Upgrades to Design Manager’s Online Payment Capabilities
Use Digital Payment Function to Request and Receive Retainers:
Many interior designers rely on retainers from their clients to get a project started. The sooner you can secure your retainer, the faster you can begin purchasing furniture, keeping a project on track and maybe even ahead of schedule.
All designers have to do is send a retainer request (see this article for a step-by-step tutorial), and clients can securely pay by credit card or Bank Transfer (ACH)). Don’t forget, Design Manager gives you the option to pass on transaction fees to clients, saving you the expense of absorbing the extra cost.
Automated Bookkeeping:
As if accepting retainers via online payment hasn’t made life easy enough, Design Manager has taken it one step further by making sure your online payments are properly accounted for in your records.
Design Manager will put new payments/cash receipts/deposits into the DM undeposited funds account, then move the deposit to the DM checkbook once Stripe processes the payout. Of course, your bookkeeper and accountant will be thrilled!
When we sat down with Kerri Lynn Jennings who has worked as a bookkeeper and eventually a CFO for various design firms it was a no brainer to adopt Stripe with Design Manager. “Venmo, Square, Zelle - these programs are the bane of bookkeepers existence because they don't integrate with your accounting program so the accounting entries don’t come back in automatically. Connecting Stripe to Design Manager eliminates mistakes and saves everyone time.”
Keeping Customer Service in Mind:
Designer testimonials indicate users are thrilled with the ease of using Stripe and its excellent customer service!
As we move forward into an increasingly digital world, online payments are just one way Design Manager will continue to stay ahead of the game and offer the best technology available to its designer clients, making sure interior designers can keep their businesses running smoothly so they can focus on creating beautiful spaces.