If you have a business that invoices your customers, chances are, you have probably experienced the headache of sending invoice after invoice and waiting weeks or even months for your customers to make a payment.
CBOSS understands how frustrating it can be to have unpaid invoices. That’s why we want to share a few tips to help ensure timely payments from your customers.
1 | Building Relationships
One of the simplest ways to ensure timely payments from your customers, is to establish a positive relationship with them. Typically, a company only reaches out to a customer with an invoice or some type of promotion. This often leaves the customer feeling no connection to your business at all.
An easy way to combat this is by starting a monthly newsletter with updates for customers or sending out holiday cards. These simple gestures help to show your customers that you appreciate them. When the customer sees your business as more than just someone they pay money to, they are more likely to make their payments in a timely manner.
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2 | Offer Electronic Payments
Another way to ensure timely payments is by offering your customers the option to make their payments electronically. It's important to make the payment process as easy and user-friendly as possible for customers. Electronic payments allow for a more flexible time frame in which the customer can make the payment, often times in the comfort of their own homes.
As a leader in the payments industry for over 20 years, we will help you design a payment process that perfectly fits your needs. To learn more, take a look at our website.
3 | Monitor the Payment Patterns of Regular Customers
Plan and prepare for delays in months where your customers may struggle to meet their payment deadlines such as holidays, fiscal years, and tax time. Sending invoices or statements early to give your customers more time to plan is an easy way to combat these common hiccups.
Our robust reporting tools provide the data you need to do these analyses, in an easy to use spreadsheet format.
4 | Partner with A Trusted Payment Gateway
We live in a world where customers value speed and convenience when it comes to making payments, but speed and convenience can bring about risks like identity theft, credit card fraud, and bank account fraud. A trusted payment gateway is a necessity!
Our CPP can ease the customer’s mind by maintaining the highest level of security, all while simplifying the epayment process.
5 | Offer Payment Plans and Automated Recurring Payments
It is not uncommon, especially in the medical field, for customers to be unable to pay their bill in full. One way to ensure that your organization receives full payment is to offer recurring payment plans. Having payments deducted automatically guarantees that you receive payment in a timely fashion, and eliminates the possibility of customers forgetting to make their monthly payment.
We offer automated recurring payments through our OnTime! module. OnTime! is an intuitive payment scheduling tool that gives your staff the ability to setup recurring payment plans and scheduled future payments for your customers.
We hope that these tips will be helpful to your organization! If you would like to learn more about CBOSS and how we can improve your payment process, visit our website.