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Wilson Cole's Podcast From The Road


Jun 19, 2020

Adams, Evens, and Ross and Back Door Hire Solutions have been undergoing a few great virtual changes that have helped us improve our systems. Today Wilson and Samantha share some of the best changes that we’ve made that you should also be using.

Using E-Checks

One of the things that we’ve been using to receive payments from our clients was FedEx. Our FedEx bills were a fortune and we’ve been able to save $1000 to $1,500 each month from FedEx fees since we started using E-Checks. Using it is simple when compared to paying for services normally because all you have to do is go to a specific website, enter your details and hit send. The receiver will then just be able to print out the check where they are and it doesn’t have to go through the same hassle as a regular check.

We use E-checks to pay for the various services we pay for and also allow our clients to pay using E-checks because it is just that much more convenient for everyone involved. It's also speeding up our cash flow and as we all know, the lifeblood of a business is it’s cash flow.

E-Documents and E-signatures

Another great improvement that we’ve been utilizing is migrating some documents over to the electronic side of things. One example are contracts. However, many of you may start freaking out because you think that a signature on virtual media isn’t going to hold up like a signature on a piece of paper will. That’s where you’re wrong. According to Samantha digital signatures are legally the same as their paper counterparts with the exception of the transfer of property and a will. That fear is misplaced because of how e-signatures can actually be better than a paper signature.

For starters it’s digital which means that it is nearly impossible to lose, easier to maintain and sort, while also providing an extra layer of protection. In the case of E-sign which we use, that extra layer of protection comes in the form of a third page which has the date, time and IP address of the computer that was used to sign the document. We’ve had one case where a client explained that the document was a forgery. However, the third page of the E-sign document showed us that the document was signed at 2am in their home office.

Building on The Systems To Facilitate Remote Business

One thing that covid has taught us is that there is a need to accelerate moving certain aspects of business to a remote model. A remote system allows you to speed up your cash flow because it doesn’t need to go through the hassle of your regular business practices. However, the only way you can have an effective remote business is to have a system in place that will help you facilitate it. We’ve cut down on the systems that needed someone coming into our offices to give us a check and it has greatly increased our cash flow.

Quotes

- It’s pretty spectacular, e-checks have saved us thousands of dollars and clients are telling me to send them e-check links.

- Everybody wants to freak out when it’s not paper. I think it’s more fear of change than anything else. A signature on E-sign and one on a piece of paper are legally the same.

- We probably sound like a broken record, but the basic fact is: you give up about 40% of the probability of getting the balance collected if you don’t have a signed agreement.