Do your customers pay on time? Do you spend more than 1/2 a day a week collecting payments from delinquent accounts? When you call for payment do your customers pay by Credit Card? Would you like to automate your accounts receivables?
The Process to Automating Your AR CollectionsFirst, you want to take a look at your Aged Receivables. Do you have many customers past due over 30 days? Over 60 days? Over 90 days? Do you have a system or process to collect the funds?
Point is, most small businesses don't have the time to effectively manage their Aged Receivables. A lot of the time, small business owners don't focus on collecting payments until a cash crunch hits - like pay roll.
So, we need to build a system to communicate to your customers in a organized and systematic way to show that you are: 1. on the ball and 2. coming for your money. How do we do this, you ask? Easy.
Automated Multi-Step Email Collection Campaign
Step 1:We create a 5 part email campaign to send to your Delinquent Accounts.
- Email 1, is polite reminding them to pay their bill
- Email 2, questions their delay in payment
- Email 3, The language is "Concerned" and requests payment again
- Email 4, The language is stern and demands payment now
- Email 5, Notifies the customer hat their account has gone to collections.
- After the last email is sent we set up a "WorkFlow notification to automatically email the AR manager and the collections department about the Delinquent account.
Now you have a system! And now you decide that every customer that hits the 30 days over due is put on the "Campaign" until their account is either paid or they go to collection.
Create An Online Credit Card Payment Form.This is a form for your customers to pay you by credit card without talking to you.
BigTurns has a service to create Secure Payment Processing Forms for you to use with your Payment Gateway provider seamlessly. The form is a simple webform on a secure page for Credit Card Payment Processing.
The trick here is that your customers have the option to enter the amount that they want to pay. There is no set amount. It's up to them to enter the amount.
This is good because sometimes a customer wants to make a payment but not the whole payment for whatever reason. Also, this is good because the customer doesn't have to pick up the phone with their tail between their legs and call you to make the payment.
Combine the Payment Form with the Email CampaignAdd the Payment form link to the 5 part email campaign. Let all your over due customers know that they can have another 30 days if they pay you by credit card.
Every time a collection letter goes out it has the link to the form and requests the customer to pay online using the secure payment processing system.
Now you receive payments after hours without the need of your AR department.
To learn more about our services please contact us for a free consultation
BigTurns Professional Services Ltd
Vancouver, BC V6E 4R1