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Smarten Your Payments With RHB And Curlec

For Curlec, servicing and improving the education industry is part and parcel of being one of the pioneers in changing the way Malaysia is making payments.

In the education sector, problems with payments arise when it comes to collecting fees from students or their parents on time. Despite the many solutions present today, the age-old issue of having to chase after the other party is still present in nearly every industry.


Because of this, institutions tend to adopt one too many different payment channels which through Curlec, can be easily consolidated into a single method while still remaining flexible enough to adapt to different situations. Not to mention, all the administrative hassles and problems that arise when having to reconcile payments, a task that proves to be effortless by syncing Curlec with accounting systems.


Recently, Curlec had this exact opportunity to discuss ideas on improving operational efficiency in the education industry and to share their knowledge on how Direct Debit can help resolve said issues in a joint workshop with RHB.


Orbit, a startup co-working space in Bangsar South hosted this workshop, where clients of RHB in the education industry gathered to attend “Smarten Your Collections with RHB and Curlec”, a joint effort by RHB and Curlec to discuss methods on improving payment collections in the education industry.


As a fast-growing and innovative FinTech startup, Curlec aims to make payments seamless for all. For this workshop, the different online payment methods typically used by those in the education sector were covered, along with how payment methods like Direct Debit and FPX in particular could be the missing link when it comes to solving the multitude of problems associated with payment collection for educational institutions.


Curlec makes use of Direct Debit and FPX to tackle issues mentioned above like the collection of school fees. To date, such processes are still done manually, requiring a massive burden to be constantly heaving on the shoulders of a school’s employees. This is where Curlec steps in to relieve that burden. Authorised, automatic withdrawals from the bank account of students or parents can be done on a customizable date, all the while ensuring employees still possess the ability to make any changes when the need arises.


Additionally, administrative hassles like advanced notifications and reminders for outstanding dues are all tasks that can be put into Curlec’s hands. This means employees in charge of admin or accounts can rest at ease and put their focus on other tasks.


Digitising the classroom experience isn’t a foreign concept for most schools, though digitising administrative processes seems to come in second place. Transitioning to more modern mechanisms such as Curlec helps in driving efficiency by reducing the percentage of errors and minimising employee workload, which in turn allows more space for growth. This will help to keep institutions one step ahead of the game.


Find out how we can help in smartening your payments by filling out your contact details below, no matter what industry you’re in.

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Tips

5 Ways To Know If Your Business Needs A Payment Method Change

For most business owners, the method in which you collect payments from your customers can mean the difference between a customer gained or a customer lost. And with the vast array of payment options to choose from, it’s only normal to feel that “As long as payments are coming in, I’ll accept whatever form it comes in.”

But such decisions can have a lot of side-effects and doesn’t work for all businesses. And even if your business relies solely on one payment method, doing so might mean that there’s still space to improve, especially in an age where buying habits and expectations are constantly shifting with the times.

Still, the most common mistake small business owners fall prey to is a failure to change by sticking to “tried and trusted” methods. If you’d like to know whether your business can benefit from a change in the way you collect payments, read on to find out some of the telltale signs that a significant change is due.

 

1. You have to chase after customers every month for payments

Whether it be gym memberships, monthly subscriptions or payments requiring invoices, recurring payments are something present in many businesses. And unless you have a surefire way of ensuring your customers stick to their promise, there will always be a select percentage of customers who seem adamant on making the lives of you and your employees harder.

Such customers will use any means possible to avoid the responsibility of paying up despite the countless emails, calls and messages. Perhaps they repeat the same excuse over and over to delay, or claim that they’re overseas (even though months later, it’s questionably still the same excuse).

The outcome? Extra stress on employees, extra costs incurred for the follow-ups, and very likely – a lost customer. This is one of the reasons why automated Direct Debit can help establish a friendly relationship with you and your customer from the get-go and hinder the possibilities of them pulling any tricks halfway down the road.

2. Delayed payments due to late invoices are commonplace

A survey by the SME Media Group and Inti International University shows making late payments has become a very common problem in Malaysia, with 73% of business operators saying it was Malaysia’s business culture.

Online payment gateways such as PayPal, are convenient and all-inclusive payment methods, that are particularly useful for ecommerce transactions. But there’s one thing most businesses can agree on – the insanely high fees. Set up fees, annual fees, transaction fees, the list goes on. Take PayPal for example. Merchant rates for up to RM12,000 for Malaysian customers is 3.9% + RM2.00 per transaction. Such fees can slowly but surely eat away at your business’ account and though they don’t seem like much, over time they can accumulate and make a significant dent. In comparison, Curlec’s services only charge 1% per transaction, capped at RM10, with no other hidden fees.

3. You find yourself doing too much admin

Often overlooked are the tangible side-effects of using payment methods which may not be the most suitable for your business. Namely, time wasted and all the manual work required. Take cash payments for example, employees will be required to manage the cashier, collect cash and tally the total once or even twice a day, only for the possibility of them pickpocketing from the till. Plus, not to mention the costs and time involved in hiring and training new employees! With automatic systems like Curlec for example, there’s hardly a need for an employee at all.

High employee and material costs actually play a huge factor as well, though when considering payment options, not many business owners take this into account. Equipments such as payment terminals to accept debit / credit card payments and cash registers may also not be worth it at times. But with Direct Debit, all you need is a laptop or computer.

If you’d like to know what payment method suits your particular business best, connect with us by filling up the form below this page!

Surely, this is something most business owners can relate to. Despite having the payment terms in black and white, companies simply refuse to abide by it. If you’re a small business owner, such culture and habits can be detrimental, as explained by the Atradius Payment Practices Barometer Survey.

“Unpaid invoices can have a serious impact on a businesses’ turnover or cash flow. Not only because non-payment by buyers costs a business time and money in respect to pursuing collection of debts, but also because bad debt reserves represent money that is unavailable for use in growing the business. In addition, the longer the receivables remain outstanding, the lower the likelihood of turning them into cash.”

Such complications can be avoided by using a payment method which enables trust on both ends. Curlec allows businesses to set a date which can be discussed with the other party beforehand to ensure that payments can be withdrawn on an agreed date, a feature the usual manual or online bank transfer lacks. Read more on how to get your business paid on time here.

4. Keeping track of cash/cheque is a headache

Cash and cheque are two of the most traditional forms of payment used in Malaysia. However, the cons of using these payment methods outweigh the pros. With cash, you might find that keeping track of everything in the cash register can be an absolute headache. Cash not totalling up at the end of the day and mysteriously going missing… Plus, keeping huge sums of cash only puts your business at risk of losing said money to internal or external theft (another constant worry!)

Cheques on the other hand, place and even greater strain on the business when it “bounces” due to insufficient funds. Extra costs involved, administrative annoyances, and time spent following up just isn’t worth it.

4. Your fees for online payments are through the roof

Online payment gateways such as PayPal, are convenient and all-inclusive payment methods, that are particularly useful for ecommerce transactions. But there’s one thing most businesses can agree on – the insanely high fees. Set up fees, annual fees, transaction fees, the list goes on. Take PayPal for example. Merchant rates for up to RM12,000 for Malaysian customers is 3.9% + RM2.00 per transaction. Such fees can slowly but surely eat away at your business’ account and though they don’t seem like much, over time they can accumulate and make a significant dent. In comparison, Curlec’s services only charge 1% per transaction, capped at RM10, with no other hidden fees.

5. You find yourself doing too much admin

Often overlooked are the tangible side-effects of using payment methods which may not be the most suitable for your business. Namely, time wasted and all the manual work required. Take cash payments for example, employees will be required to manage the cashier, collect cash and tally the total once or even twice a day, only for the possibility of them pickpocketing from the till. Plus, not to mention the costs and time involved in hiring and training new employees! With automatic systems like Curlec for example, there’s hardly a need for an employee at all.

High employee and material costs actually play a huge factor as well, though when considering payment options, not many business owners take this into account. Equipments such as payment terminals to accept debit / credit card payments and cash registers may also not be worth it at times. But with Direct Debit, all you need is a laptop or computer.

If you’d like to know what payment method suits your particular business best, connect with us by filling up the form below this page!