The easier you make it for your customers to pay you, the more likely you are to get paid. Getting paid faster improves cash flow. Having good cash flow is one of the most important aspects of running a healthy business. Any time you can automate getting paid your cash flow will benefit. That’s where Rotessa comes in. Rotessa provides a cloud based service that helps you manage pre-authorized debit payments.
Pre-authorized Debit or PAD for short is a great way to receive money from customers if the payment is recurring on a regular basis, for example a fitness club, school tuition or any other service or product that’s billed monthly. Unfortunately, setting this up with your bank often involves a significant amount of paperwork to both setup and maintain with customers.
Many businesses that use PAD have to set up systems and processes to track PAD agreements with customers so they know exactly how much is being pulled from customers account and deposited into their business account each month, whether the payment bounced and if so whether it has been repaid. It usually means a manual spreadsheet that needs to be updated on a regular basis. Rotessa provides a cloud based alternative that avoids not only this manual tracking exercise but also gives the ability to setup the pre-authorized debit agreement electronically.
Here’s how it works: You sign up with Rotessa and tie in your bank account so that they know where to deposit the funds being pulled from your customers’ accounts. Then, you add your logo to personalize things, determine the wording of your PAD form (they give you standard wording as a start), send a link to your customer, they click on it and fill out the required information including name, address, bank account, transit number and signature and Rotessa notifies you that you’ve received a PAD form. You can then log in to their online portal to check that things are setup properly and then wait to receive the funds on a regular basis. There are options around whether you let the client set the payment amount and date or whether you do it after they’ve filled out and signed the PAD electronically. You can also fill the form out on their behalf if they provide you with the required information.
If you use Quickbooks Online Rotessa integrates directly so that any changes you make in invoices in Quickbooks updates in Rotessa automatically. When pre-authorized debits have been approved and settled in your bank account, Quickbooks online will also automatically update your invoice and mark it as paid. Rotessa is working on an integration with Xero but no timeline yet. Regardless of the integration the Rotessa settlement and transaction reports make it very easy to see which customer payments are included in a deposit.