Sending payment reminders through SMS can help you cut through the noise and reach consumers on the go, resulting in faster payment of your invoices.
All of your invoices would get paid on time in a perfect world. But unfortunately, most firms have discovered that this is not always the case. As a result, finance teams must do all they can to ensure that payment reminders are received and that consumers can pay their invoices quickly and conveniently.
Consumers receive twice as many emails as they do SMS texts every day. As a result, consumers can sometimes ignore payment reminders sent via email due to the large volume of communications they receive daily.
SMS messages have a substantially higher open rate, which means that payment reminders sent by SMS are far more likely to be seen and paid. As a result, SMS provides a more effective payment reminder, which helps you get bills paid faster and increase your cash flow.
SMS payment reminders help you collect payments more effectively, allowing you to get invoices paid sooner and boost cash flow.
SMS payment reminders can help your business get invoices paid faster, reach customers with ease, save time, improve customer experience and Enhance your payment collections process.
If you’re having trouble reaching out to your customers via email or phone calls, SMS could be the answer to collecting some of those long-overdue invoice payments. Employ a combination of SMS and email payment reminders into your reminder schedules to maximize the likelihood of timely invoice payment.
Are you finding it challenging to convince clients to pay their invoices on time? If that’s the case, you’re not alone. Many businesses have trouble getting paid on time.
Send friendly reminders
Sending a pleasant SMS payment reminder before the invoice is due is one of the best ways to ensure you get paid on time. In addition, this will remind your consumer to complete the payment without incurring any late fees or interest costs.
Use friendly SMSs to remind consumers of upcoming invoice payments.
Your payment reminder SMS must be firm and professional after the due date has elapsed and your client hasn’t paid.
We recommend following up on this SMS message with a phone call to confirm that no serious challenges are keeping the customer from making payment before the delayed invoice is further overdue.
If your invoice is more than ten days overdue and you want to heighten the sense of urgency while staying polite, send out an SMS text that is firm and professional in your reminder.
If a substantial percentage of your invoices are past due, strategies such as early payment incentives to encourage speedier payments or late payment charges to discourage late fees may be suitable.
If your invoice is overdue for more than 30 days, you may wish to provide additional payment alternatives, such as a payment installment plan, to entice payment. In addition, your customer may be experiencing cash flow challenges, so this is a smart approach to provide them with assistance while also ensuring that you reach a reasonable agreement to recover your money.
Benefits of SMS payment reminders
1. Get invoices paid faster – Sending payment reminders by SMS allows you to reach clients quickly and easily. You can reach consumers more effectively and get invoices paid faster by sending payment reminders to their phones.
2. Save time –You can save time with SMS payment reminders. With automatic SMS payment reminder scheduling, you won’t waste any time following up with customers manually. All of your SMS messages can be automated and customizable to ensure you save time and
Improve customer experience.
3. Reach all clients instantly -Sending bulk SMS debt collection messages allows you to reach all of your clients immediately. Delivery receipts can also be used to identify deregistered numbers or failed deliveries.
4. Create a sense of urgency -Text reminders create a sense of urgency. Always include due dates and other helpful information to persuade customers to submit their payments on time.
5. Free up vital funds -Traditional debt collection methods will eat away at your business’s budget. Automated text solutions are cost-effective and easy to automate.
6. Instant delivery -SMS provides a more direct line of communication compared to emails, which often go unnoticed.
SMS messages are likely to be read within five minutes of receipt, making them an ideal mode of communication.
7. High open and response rates -People receive twice as many emails as SMS messages on average per day. Payment reminders via email can sometimes be overlooked due to the sheer volume of emails your customers receive every day.
8. Lift response rates -Reaching out to customers in a way that doesn’t make them uncomfortable is crucial. Many clients refuse to answer calls or emails but will respond to texts.
9. Improve customer relationships -Debt collection is stressful for all parties involved. Who knows what unfortunate circumstances may have led to a missed payment? Polite debt collection text message samples provide a non-invasive means of communication.
With text messaging platforms, you can automatically send payment reminders to late payers, personalize messages with account details, and follow up on payment confirmations. Get start sending payment reminders today by signing up to egosms free.