Late payments are a huge business problem. In fact, one in five businesses says it's an increasing challenge to their performance.
As a business owner, you can’t always push clients to pay their past-due invoices or simply hope their behavior will change.
No matter how much effort you put in to ensure your business runs smoothly, you’ll still experience late payments from customers at some point. The danger is when they become a recurring issue.
You could send out payment reminders manually, but it’s time-consuming and tiresome. And if the payment reminder gets buried in your customers’ emails, it could put a delay on your cash flow.
Fortunately, a solution exists to this issue: automate the payment reminder process. With a robust, automated payment reminder system, you can:
On any given day, businesses have outstanding invoices worth a cumulative $3 trillion, and 68% of companies that regularly receive at least half of their payments late report cash-flow issues.
Automating the payment reminder process ensures that you get those hard-earned dollars from your buyers so that you’re not in a pinch as your own bills start to come due.
Specifically, automated payment reminders provide:
An automated payment reminder makes invoicing easier and ensures the payment reminder you send to customers reaches them immediately. In turn, you'll reduce debtor days and experience increased efficiency when it comes to getting paid on time.
Automation lets you streamline your payment procedure by scheduling payment reminders to happen when your customers are more likely to check their messages or emails. And your customers can self-serve conveniently without you interrupting them every time, which can, in turn, reduce the time they take to pay.
If you have a customer relationship management (CRM) system, you can reach out to all your clients with a survey form to find out which channel is most convenient for them. Once you know what they prefer, you can then utilize that channel so you can get paid faster.
For instance, some customers prefer to receive payment reminders via email rather than text. In such cases, sending them a text could result in needless payment delays.
In addition to learning your customers’ preferred way of receiving payment reminders, offer them multiple platforms they can use to pay you. Automation of varying payment link options reduces the time it takes to get paid.
Dueplex is a cost-effective and efficient way of managing your receivables through invoicing, donations, payment links, and CRM. You can also select your preferred merchant services and gateway provider, which will result in lower fees, higher revenue retention, and faster funding.