Better billing solutions can make a big difference to your agency’s bottom line. Guest Benjamin Philabaum from Biddyco explains how. Hear insights about:
Benjamin Philabaum is the founder and CEO of Biddyco, an agency specializing in helping e-commerce clients market through Facebook and Google ads. In this episode, Ben shares how changing the way his business bills their clients has had a dramatic impact both on the consistency of their monthly cash flow and on their bottom line.
There’s a lot of cost associated with manual invoicing of clients. Not only are you spending labor hours on the tedious process, it also slows your monthly cash flow. Ben and his team at Biddyco switched to automated billing, so clients are now charged consistently on the same day of every month. This eliminated the need to dedicate time to billing, and the regular cycle means that Ben and his team know when money is coming in and know in advance how much they’ll be receiving. Better billing solutions really can make a massive difference in the profitability and efficiency of your agency.
The other big tip Ben offered was that Biddyco switched away from credit card billing and moved toward ACH direct bank drafts. When you’re billing a client hundreds or thousands of dollars at a time, those merchant fees the credit cards charge can add up to a huge, unnecessary monthly expense. Instead of paying a percentage of every transaction for credit card processing, Biddyco now pays a small flat fee per ACH transfer. This had the impact of saving Biddyco thousands of dollars every month…a number that directly impacts their bottom line and profitability.
As always, please visit me at www.theprogressivedentist.com for more informative, money-saving podcast episodes like this one.
Benjamin is the founder and CEO of Biddyco, a performance marketing and creative agency. Ben wants to live in a world where morning never ends, Facebook Ads Manager never has bugs and Cholula is present at every meal.
When he’s not brainstorming for clients and taking care of #allthethings, you can find him reading in his hammock, fine-tuning his Spiderman skills at the climbing gym, or foam rolling because of aforementioned rock walls.