Every business needs to invoice customers and clients for payment of services rendered and goods received. It is also true that every business will, at some time or another, experience cash flow issues as a result of late or non-payment of accounts and invoices by consumers. In most cases, non-payment is simply an advertent oversight. People frequently forget to pay, and many will require a gentle reminder to do so on time, if not at all.
Your business’s cash flow and overall operating costs can be improved enormously by using an SMS Payment System for facilitation of billing and payments. Thanks to an SMS Payment System, funds owing and even loan repayments are more likely to be paid in a timely manner thanks to reminders sent out via text message.
SMS can be used for
- Advise due dates for payments
- Set a reminder to pay when date is pending
- Advise when payments are overdue
- Offer incentives such as discounts for early payments
- Inform of non-payment and resulting penalties
Consumers are more likely to respond well to payment-due reminders when they are personalised, framed politely, and timed mindfully. Research studies into this phenomenon have concluded that an SMS reminder ideally sent a day before payment is due, results in a significant increase in the probability that an account will be paid on time, and that even late payments will be received sooner. Using a personalised message is also seen in a favourable light by the recipient as opposed to a cookie-cutter approach.
Why utilise an SMS Billing System for your business?
- Instant messaging with a high open rate by recipients – you know your message will be seen.
- High response rate for SMS
- Less time consuming than email or postal reminders
- Discreet and respectful reminder service
- Delivery receipts allow for effective follow up and tracking of response rates
- Schedule billing reminder SMS messages for a future date and time
- Integrate with your existing software system for automation
- Set alert parameters
- Link back to your website payment gateway for simplicity
- Save money for your business, with cash flow driven back into your pocket
- Reply easily for improved provider-customer relations
Use an SMS Billing System for your business to improve cash flow and enhance customer satisfaction. In each reminder message, be sure to include the client’s name, amount owing, and date payment is due.