Download - Your Ticket to On-Time Payments
OWNER
LATE PAYMENTS CITY
CASH FLOW OASIS
Your Ticket to On-Time Payments 5-step action plan to cutlate payments
AIRLINES
DEPARTURE
ARRIVAL
Make your billing strategy(a priority) 1
Make it easier forcustomers to pay 2
Spend less time onawkward follow-ups 3
Long Layover: What to do
when customers won’t pay 5
(with the right tools) 4
DelayedDeparture
42%
39%
of small business owners say getting paid quickly by customers is one of the key issues that keeps them up at night
of bill payers admitted to initiating a bill payment on or after the due date
&There is a remedy,
though, for this problem.
DelayedDeparture
Make your billing strategy a priority
1 Make your process a policy
3 Invoice quickly and trackoverdue payments promptly
4 Offer flexibility on paymentterms as a service
2 Clearly communicate your payment policy to customers
Four steps totighten your process
Make it easier for customers to pay you
To get paid, just follow PAY
Payment Type Accepted
Access to Pay
Your Follow Up
Make it easier for customers to pay you
To get paid, just follow PAY
ayment Type Accepted
Find an electronic payment processor that enables you to affordably accept debit and credit card payments, including echecks.
P Quick Cost-saving Tip:eCheck Payments
Repondents prefer debit cards because the charge is debited directly from the bank account without accru-
ing debt. eChecks offer the same convenience to the customer, but at a
fraction of the cost to you!
Make it easier for customers to pay you
To get paid, just follow PAY
ccess to payProvide multiple access points for payment – at a minimum: online, over the phone, in person. If your business has recurring bills for the same amount, set up auto-pay. It’s all about convenience!
A
Make it easier for customers to pay you
To get paid, just follow PAY
our follow up
This one can get sticky... let’s look into this more in the next slide!
Y
Spend Less time onawkward follow-ups
Follow-ups can be...awkward to say the least.
Spend Less time onawkward follow-ups
Follow-ups can be...awkward to say the least.
They don’t have to be!
Use follow-ups toreach o u tpromoteyour business with nestled marketing
messages
to your customer
&
Spend Less time onawkward follow-ups
Thank you for your business!
We’d love to hear from you!
&Or take our online feedback survey
Reduce your late payments by sending a friendly reminder email five days before your bill’s due date
just a friendly reminder
Promote repeat business with a receipt that suggests further interaction
(with the right tools)
time = $You’ve heard it before:
All that time you spend on billing is costing you.
With the right tools, you can increase efficiency and save money
$
$
YOU
LATE PAYMENTS
PAID ON TIME
Tools for the jobCustomer Management (CRM)Electronic Invoicing or Recurring BillingDebit and Credit card processing, eCheck processingAutomatic notificationsInvoice & Payment trackingStandard or Custom Reports, DashboardCustomizable notifications
Long Layover: What to do
when customers won’t pay
Follow up with the appropriate amount of directness
Keep a collection agency in your back pocket
Be professional in all correspondence, phone calls, and means of redress
Check-in: Written policies and satisfaction
Know when to let it go
Start with your payment policy
Key Takeaways: Your checklist
Document a detailed billing and payment policy
Clearly communicate it to your customer,
including in upfront contracts and on the bill
Promptly and consistently bill after services rendered
Offer payment plans as a service if a customer requests it
Try offering early payment discounts or establishing late payment fees
Key Takeaways: Your checklist
Payment Type Accepted
Access to Pay
Your Follow-Up
Provide instant access to pay in multiple ways: online, in person, over the phone, on an automatic schedule – where applicable
Provide secure payment account storage, so customers don’t have to provide payment information over and over again
Send proactive payment reminder emails
Send emailed receipts of the payment that prompt for service feedback
Follow the acronym PAY
Offer debit card, credit card, and echeck payment options
Use a searchable customer management tool (or CRM), preferably one you can access from multiple places
If you invoice, try switching customers to electronic invoicing – and even better, click-to-pay electronic invoicing
If you collect service fees on regular intervals, try setting up recurring billing to automate the bill, collection, and receipt
Try using a billing solution that integrates with your payment and/or customer management tools – this will save you a lot of reconciliation time
Key Takeaways: Your checklistStay organized and efficient
Use systems that offer custom reporting (or even mobile reporting) to keep you apprised of business performance anytime, anywhere
Use regular customer communications (like receipts and invoices) as opportunities to offer promotions, connect on social media, or get feedback
Key Takeaways: Your checklistWhen a customer just won’t pay
Follow-up with a mailed series of three letters (escalating in tone) with the appropriate amount of directness
For the last resort scenario, keep a collection agency in your back pocket
All checked? You’re good to go!
About
Learn more about PaySimple at www.paysimple.com or by calling 800-466-0992. Follow us on Facebook, Twitter, LinkedIn and Google+.
PaySimple provides a customer-centric, complete solution tailored to the needs of service-related businesses. Its cloud-based software promotes the business’s ability to foster client relationships by enabling access to pay by any mehtod -- electronic invoice, recurring billing schedule, in person, over the phone, or by online payment via credit card or echeck. And, it syncs all activity with the customer management tool. Its real-time tracking of activity then provides data insights to a businee’s best customers as well as overall cash flow performance, enabling business owners to drastically save time running their businesses while improving their customers’ payment experience
See the complete guide to getting paid on time by
downloading the free ebook.
Get myFree eBook
Want to learn more?
Click to Learn More or get a free consultation by calling 800-466-0992.
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