Your Ticket to On-Time Payments

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This year, a whopping 39 percent of bill payers admitted to initiating a bill payment on or after the due date. Meanwhile, business owners and administrators are left to wonder: "Is the check in the mail?" "Should I follow up again?" This simple delayed action on the payer’s part causes cash flow strain and, to put lightly, a headache.

In this presentation, we’ll share the action plan that businesses are taking to obliterate the late payment problem.

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Your Ticket to On-Time Payments

  1. 1. OWNER LATE PAYMENTS CITY CASH FLOW OASIS Your Ticket to On-Time Payments 5-step action plan to cut late payments AIRLINES DEPARTURE ARRIVAL
  2. 2. Make your billing strategy (a priority) 1 Make it easier for customers to pay 2 Spend less time on awkward follow-ups 3 Long Layover: What to do when customers won’t pay 5 (with the right tools) 4 Delayed Departure
  3. 3. 42% 39% of small business owners say getting paid quickly by customers is one of the key issues that keeps them up at night of bill payers admitted to initiating a bill payment on or after the due date & There is a remedy, though, for this problem. Delayed Departure
  4. 4. Make your billing strategy a priority 1 Make your process a policy 3 Invoice quickly and track overdue payments promptly 4 Offer flexibility on payment terms as a service 2 Clearly communicate your payment policy to customers Four steps to tighten your process
  5. 5. Make it easier for customers to pay you To get paid, just follow PAY Payment Type Accepted Access to Pay Your Follow Up
  6. 6. Make it easier for customers to pay you To get paid, just follow PAY ayment Type Accepted Find an electronic payment processor that enables you to affordably accept debit and credit card payments, including echecks. P Quick Cost-saving Tip: eCheck Payments Repondents prefer debit cards because the charge is debited directly from the bank account without accru- ing debt. eChecks offer the same convenience to the customer, but at a fraction of the cost to you!
  7. 7. Make it easier for customers to pay you To get paid, just follow PAY ccess to pay Provide multiple access points for payment – at a minimum: online, over the phone, in person. If your business has recurring bills for the same amount, set up auto-pay. It’s all about convenience! A
  8. 8. Make it easier for customers to pay you To get paid, just follow PAY our follow up This one can get sticky... let’s look into this more in the next slide! Y
  9. 9. Spend Less time on awkward follow-ups Follow-ups can be... awkward to say the least.
  10. 10. Spend Less time on awkward follow-ups Follow-ups can be... awkward to say the least. They don’t have to be!
  11. 11. Use follow-ups to reach o u t promote your business with nestled marketing messages to your customer & Spend Less time on awkward follow-ups
  12. 12. Thankyouforyourbusiness! We’dloveto hearfromyou! & Ortakeouronline feedbacksurvey Reduce your late payments by sending a friendly reminder email five days before your bill’s due date justafriendly reminder Promote repeat business with a receipt that suggests further interaction
  13. 13. (with the right tools) time = $ You’ve heard it before: All that time you spend on billing is costing you. With the right tools, you can increase efficiency and save money $ $
  14. 14. YO U LATE PAYM ENTS PAID O N TIM E Tools for the job Customer Management (CRM) Electronic Invoicing or Recurring Billing Debit and Credit card processing, eCheck processing Automatic notifications Invoice & Payment tracking Standard or Custom Reports, Dashboard Customizable notifications
  15. 15. Long Layover: What to do when customers won’t pay Follow up with the appropriate amount of directness Keep a collection agency in your back pocket Be professional in all correspondence, phone calls, and means of redress Check-in: Written policies and satisfaction Know when to let it go
  16. 16. Start with your payment policy Key Takeaways: Your checklist Document a detailed billing and payment policy Clearly communicate it to your customer, including in upfront contracts and on the bill Promptly and consistently bill after services rendered Offer payment plans as a service if a customer requests it Try offering early payment discounts or establishing late payment fees
  17. 17. Key Takeaways: Your checklist Payment Type Accepted Access to Pay Your Follow-Up Provide instant access to pay in multiple ways: online, in person, over the phone, on an automatic schedule – where applicable Provide secure payment account storage, so customers don’t have to provide payment information over and over again Send proactive payment reminder emails Send emailed receipts of the payment that prompt for service feedback Follow the acronym PAY Offer debit card, credit card, and echeck payment options
  18. 18. Use a searchable customer management tool (or CRM), preferably one you can access from multiple places If you invoice, try switching customers to electronic invoicing – and even better, click-to-pay electronic invoicing If you collect service fees on regular intervals, try setting up recurring billing to automate the bill, collection, and receipt Try using a billing solution that integrates with your payment and/or customer management tools – this will save you a lot of reconciliation time Key Takeaways: Your checklist Stay organized and efficient Use systems that offer custom reporting (or even mobile reporting) to keep you apprised of business performance anytime, anywhere Use regular customer communications (like receipts and invoices) as opportunities to offer promotions, connect on social media, or get feedback
  19. 19. Key Takeaways: Your checklist When a customer just won’t pay Follow-up with a mailed series of three letters (escalating in tone) with the appropriate amount of directness For the last resort scenario, keep a collection agency in your back pocket All checked? You’re good to go!
  20. 20. About Learn more about PaySimple at www.paysimple.com or by calling 800-466-0992. Follow us on Facebook, Twitter, LinkedIn and Google+. PaySimple provides a customer-centric, complete solution tailored to the needs of service-related businesses. Its cloud-based software promotes the business’s ability to foster client relationships by enabling access to pay by any mehtod -- electronic invoice, recurring billing schedule, in person, over the phone, or by online payment via credit card or echeck. And, it syncs all activity with the customer management tool. Its real-time tracking of activity then provides data insights to a businee’s best customers as well as overall cash flow performance, enabling business owners to drastically save time running their businesses while improving their customers’ payment experience See the complete guide to getting paid on time by downloading the free ebook. Get my Free eBook Want to learn more? Click to Learn More or get a free consultation by calling 800-466-0992. Interested in learning more about the automation tools mentioned?

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