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.

Interested in learning more about the automation tools mentioned?