Corporate FAQ2020-06-12T11:57:53+12:00

Frequently asked questions

Find answers to frequently asked questions that our customers often ask us.

What is Drip used for?2020-05-15T12:00:45+12:00

Drip is used for recovering overdue payments. Business owners use it to set up a payment arrangement offer for their customers who have fallen behind and can’t pay the overdues right now. Landlords use it to set up arrangements to clear rent arrears and some people have even used it to help their friends or family members set up a plan to pay them back.

How can Drip help my business?2020-06-11T10:53:05+12:00

It can provide you with more transparent cash flow predictions because you set up payment arrangements with your customers that are legally binding. Instead of logging into your bank accounts each morning and being frustrated by the lack of deposits you can enjoy the constant drip of money.

Whats the number one reason for using Drip?2020-06-11T10:52:59+12:00

Great question. You have the opportunity to be empathetic towards your overdue debtor. A majority of people would pay you if they could, but often a change in circumstance is preventing them from doing so. With Drip you can send them an offer to negotiate a payment arrangement plan they feel comfortable with. In return you win because you gain realistic expectations around projected cash flow, instead of hoping and waiting for payment.

How much does Drip cost me?2020-06-11T10:51:23+12:00

It’s free if you choose to impose the service fee upon your customer. This means they will pay 2.95% on payments.

Statistically you do have a better chance of getting paid, if you choose to pay it though!

Are there any hidden costs?2020-06-11T10:55:51+12:00

No there are not.

No upfront fees. No fees payable, until you get paid. It’s that simple!

How do you decide who should pay the fees?2020-06-11T10:57:34+12:00

Best practice and as an incentive for the customer to pay you, we suggest you absorb the collection fee of 2.95%. This has proven to get the best results.

As Drip does not charge interest on the outstanding money, if your customer agrees to your payment plan that is a win for him as he saves some money but also a win for you as you gain clarity on when you will  be paid.

How long will it take for me to get my money once my customer pays you?2020-06-11T11:20:46+12:00

You will be notified straight away and payment will be sent through within 72 hours.

Can I use Drip for payment installments on future jobs?2020-06-11T11:03:58+12:00

A few tradies have suggested they would like to use Drip as a tool to assist them in winning more work. We say: Good thinking, If it works for you, then go ahead!

Why am I sending my money to Drip ?2020-06-11T11:06:21+12:00

Drip  is the mediation service between you and your supplier. By having an independent company between you and your supplier you are protected by a verified third party.  This means, your payments are recorded against the outstanding monies owed and in a manner that has been agreed and documented by the both of you.

Moving forward, there will be no argument over who said what and what was agreed to or not. In addition, it can also provide you with the opportunity to protect the relationship and not miss out on opportunities to engage or purchase in the future. It’s what you call a win-win situation.

How much does it cost to get support from Drip?2020-06-11T11:07:40+12:00

When loading or sending details for a Drip Payment Plan, there is no charge for the support you receive, whether it’s online or over the phone. However you will need to engage with your local accountant or bookkeeper to gain assistance for additional financial information.

Why is Drip better than Debt Collection agencies?2020-06-11T11:09:56+12:00

It’s just different. Debt collection is normally a last resort when all else has failed. You normally do not recover a business relationship once it has deteriorated that far. What Drip sets out to do is provide a best practice ‘monies owed’ agreement platform that allows you to be paid in installments. It’s important to note that all bad debtors shouldn’t be classed as poor customers. Often there is a reason or circumstance that is currently occurring, which could have no impact on future business opportunities. Drip protects that relationship.

What types of businesses use Drip?2020-06-11T11:11:33+12:00

Any type of business wanting to put their customers on a payment plan can use Drip.

Trades, Services, Wholesalers, Professional Services plus more. Basically, if you have a customer who owes you money and isn’t paying you Drip is a great option.

In addition, we also work with Landlords who have tenants with rent arrears and individuals who have friends or family members who owe them money.

Why should I use Drip?2020-06-11T11:12:54+12:00

The overarching reason Drip is the preferred method for many people is simple. It takes away the awkward, uneasy conversations that often need to be had. If the creditor selects the option for negotiation then it gives both parties the option to negotiate.

How many debts can I load?2020-06-11T11:14:43+12:00

As many as you’d like. There is no limit.

How do I add a debtor?2020-06-11T11:17:51+12:00

Step One: From your main dashboard select the orange “New Agreement”button, located on the top right of your screen, just under the main banner.

Step Two:  All previous debtors remain loaded and can be selected from the drop down box. If you need to create a new one, simply click the button titled “Create New”.

Step Three: A pop up box will appear. Go ahead and enter your debtors details. Click Register.

Or view the video below

 

Whats involved in signup?2020-06-11T11:20:12+12:00

It’s a straight forward process. you head to the sign up page and get started. It’s free to sign up.

Go through the steps to set up your profile and company.

Then start loading debts.