In an increasingly virtual world, consumers expect to be able to pay for goods and services online. That has become even more important during Covid-19, but it’s a trend that was already on the rise; online payments are projected to reach $4 Trillion in 2020, and double that by 2024. And, according to Bain & Company, ~70% of transactions will be digital payments by 2025.
So there is little doubt that interior design businesses can benefit from offering their clients the option to pay online, and that’s why Design Manager recently launched its latest update using Stripe, which brings its online payment capabilities to a whole new level.
The Benefits of Online Client Payments
Online payments are electronic exchanges of currency for purchased goods or services. Online payments are facilitated by 'payment gateways' or 'payment service providers' done entirely over the internet using credit card, debit card, bank transfer, apple pay, e-wallets, etc.
- Getting Paid Faster While this option is not only convenient for clients, it also benefits the business because it provides instant payment that physical checks can’t offer. “If physical checks are mailed, 3-5 days are wasted before the payment even begins to be processed”, according to a study by Repay.
- Speed Up Client Decision Making Online payment helps promote faster decision making, because clients can decide to move forward on an idea and pay instantly, rather than delay payment and drag the process out unnecessarily.
- Cost Savings With physical checks, a person or multiple people must print, mail, and process the checks, which takes away from other duties and responsibilities they could be performing for the company. This is where check processing ends up costing interior design firms more than they think.
- E-Design and E-Commerce As more interior designers dip their toes in the waters of e-design, and for those expanding into e-commerce for their product lines and showroom businesses, accepting online payments is a must in order to compete with other retailers.
- Going Green Not only will interior designers be cutting costs and increasing operational efficiency, they can rest assured that they are helping the environment by reducing their carbon footprint.
- Focus on Design Accepting online payments can therefore bring business owners peace of mind, particularly in a time when maintaining high cash flow is of utmost importance to preserving financial health. This, in turn, gives interior designers more time to focus on their passion for designing beautiful spaces and growing their design businesses.
Introducing DM Online Payments with Stripe
Design Manager has long been a leader in offering online payment integration (since 2010!), but Design Manager will now use Stripe to facilitate online payments, which introduces a host of new benefits to Design Manager users.
- Additional payment types with lower processing costs such as ACH Payments or Bank Transfers
- Higher transaction limits better suited for the Interior Design Industry
- Better customer service ratings and availability
- Seamless, customer-centric interface that will delight your clients (and therefore you!)
- Automatic and secure accounting transactions, but now with the added ability to pass the processing fees through to your clients
- Faster account setup
Stripe offers the fastest on-boarding in the business, with the majority of businesses getting instant approval when connecting through the Design Manager portal. If Stripe needs more information to open your account, they will contact you immediately to resolve the problem. Once your account is linked, you can easily navigate all the benefits from within the Stripe Dashboard. For example, you can control how a payment will be described on your client’s credit card or bank statement.
How to Set Up Stripe in Design Manager
Setting up Stripe in Design Manager couldn't be easier. Here’s how you do it.
- Once logged into your Account Management Portal, click “Menu” in the upper right hand corner.
- Then, select “Connect Stripe”.
Design Manager released credit card processing, ACH or bank transfers and a “pass through fee” feature that allows you to charge processing fees to your clients.
This article is part one of a three-part series on how to use Design Manager to get paid faster and easier by accepting online payments, so stay tuned!