Businesses count on customers to pay their bills on time. Being able to secure payment while keeping the relationship with the customer strong is important. There are many ways that businesses can do this, so you can tailor these options to meet your needs.
Some companies offer incentives to clients who pay their bills early. This might be a certain percentage off of the bill or a preset dollar amount discount. Not only does this encourage customers to get their bill taken care of, it also reduces the cost of trying to collect on past due bills.
Put It All in Writing
One of the most effective ways that you can ensure your customers will pay is getting a contract signed. This provides you with the legal backing you’ll need if you have to make attempts to collect through the courts.
Your contract should include all the information about who’s involved in the matter. Name your company and the other party. Explain the payment terms and due dates. Include information about the penalties for paying late. You can also put in the incentives for paying the balance early so the customer knows exactly what to expect.
Send Detailed Files
Customers want to know what they’re paying for. Giving them an itemized bill makes this easy and they can see exactly where the money is going. Because some bills might get lengthy, you need to have an easier way to deliver it. This encourages customers to open the document so they know what they owe you.
One option that you have is to use a PDF compressor tool. This type of tool enables you to maintain the format of the PDF document, including the font and images. The smaller size of the file makes it easier to send it via email. It also won’t take up as much storage space for customers who want to download invoices for their records.
Offer Simple Payment Methods
Customers don’t want to go through a lot of hassle to pay bills. Making it as easy as possible for them to pay invoices benefits your company. If you have an app or a website, you can include payment options there. This enables customers to set up convenient automatic payments or make one-time payments electronically.
Security is a primary concern for people who are paying bills online. Using software that protects sensitive financial information can make your customers feel better about taking advantage of an online payment option. Plaid provides API products that enable you to link your customer’s financial accounts seamlessly. When you use Plaid in conjunction with an ACH processor, your customers can see that your integrated payment option is secure. This may encourage them to come back to do business with you again.
Preserve Customer Relationships
You have to do what you can to foster relationships with your customers. Making billing and the payment process as easy as possible can help you earn and keep your customers’ trust, so consider integrating tools to accomplish this.
Are you looking to improve your business’s online visibility? Six back and relax — the professionals at Premlall Consulting can help grow your business online. Get in touch with us today by visiting our contact page.