Webinar Recap | Survive and Thrive: The 6 Steps to Get Your Clients Onto Direct Debit

Wise-Sync presents Survive and Thrive, a webinar series specially dedicated to sharing key insights and industry-led advice to guide fellow businesses facing an economic downturn.

In the seventh segment of our series, special guest Jamie Warner, CEO of Invarosoft, joins Paul MacNeill to discuss a topic both industry innovators are most passionate about: The 6 steps to get your clients onto direct debit - because no one likes chasing payments. 

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In this webinar, Invarosoft CEO, Jamie Warner, an MSP owner for almost twenty years now, shares his 6-step transformation process for shifting clients onto direct debit; a process that Warner applied within his own organization, with a staggering succession rate of 95%.

Now, Warner, together with Paul MacNeill, Wise-Sync and Wise-Pay CEO-Founder, combine their innovative minds to present you with the ultimate guide for applying this process within your very own business. As part of this process, you will learn:
How to communicate and incentivize your clients' move to direct debit (DD), how to set goals and realize the expected outcomes, and finally, how to build a go-to-market plan and execute effectively.

For the full guide, please watch the recording above. Alternatively, here's a quick summary of each step:

Step 1 - Make the Decision

In this step, Warner guides viewers through the main reasons why you should convert clients to DD / ACH payments. When you convert your clients to DD/ACH, you allow your organization to revel in the primary benefit: Cash flow certainty.

As our CEO, Paul MacNeill, always says, "cash flow is the oxygen of any business," so without it - it becomes incredibly difficult to sustain the longevity of your organization, especially amid COVID-19.

Here, Warner explains, that when you make the shift, you'll also be able to meet your obligations on time, reduce executive stress, and of course, scale your business. One of the ways in which you're able to achieve this, is through the provision of low-risk credit terms, which brings us to - 

Step 2 - Choose the Right Direct Debit System

Discover the key integrations needed to achieve the utmost efficiency within your MSP, and ensure you're able to select the right platform, which is a critical step in determining the financial success of your organization. 

In this step, Warner and MacNeill will take you through the the various platforms able for making the client shift to DD/ACH payments. These include bank (direct debit), a credit card gateway (merchant account), and Stripe - the complete payments' platform. Here, you'll also discover the pros and cons of each option in order to help you decide which platform will work best for your business.

Step 3 - How to Communicate and Incentivize

Now that we've walked through the reasons why you should make the decision to shift clients onto direct debit, along with the platforms available to facilitate this decision, it's time to walk through the make-or-break stage: How to communicate this to your clientele.

Warner speaks from his thorough experience, having solely visited more than 65 of his clients, on how to both communicate and motivate your clients to see the potential in making this shift. This includes how to incentivize clients over a 12-month period, and exactly why it's worth sacrificing revenue to support this. 

Step 4 - Establish a Go-to-Market Plan

Warner offers the ultimate checklist to get started: 

  1. Design a brochure; 
  2. Have DD application forms ready to go; 
  3. Book a one-on-one QBR / success meeting to open the conversation with each client; 
  4. Discuss their ICT requirements; 
  5. DD all monthly services; 
  6. And deal with DD at the very end.

For each key item listed above, Warner shares how he approached each stage. 

Step 5 - Set the Shift in Motion 

Now that you've set the fundamental foundations, it's time to consolidate and regulate your process. In this step, Warner talks through what this process actually looks like when set in motion.

If you have an admin team, ensure they're able to book meetings, prepare ICT talking points, and of course, chase all signed paperwork, which will enable you, as the business owner, to spend your invaluable time having this conversation with each of your clients. Warner notes, this process took him 2-3 months (65 clients). 

Step 6 - Revel in the Result

What's the conversion rate you have in mind? Finally, Warner elucidates the importance of aiming for a conversion rate of 90% and above, whereby cash flow planning will eventually become "a breeze." 

Moving forward, with this process firmly in place, you'll be able to make certain that direct debit is compulsory for new clients. Warner concludes, that when you fulfil this process - you will undoubtedly, be ready to scale.

For the full recap of this webinar, please watch the recording above.





Making the tough decisions: Optimizing your organization post COVID-19

USA | Tuesday, 26 May | 6:00pm (PST)  AUS | Wednesday, 27 May | 11:00am (AEST)



We look forward to seeing you online then!




*DISCLAIMER of General Advice: The information provided to you during this webinar and throughout this blog post, is general in nature only and not specific to your circumstances. Wise-Sync and our panel of experts disclaim all liability for any losses or damages arising in relation to the information provided. We recommend you obtain any legal and financial advice for your specific situation from your trusted advisors.