Many of your customers may be start-up or developing companies. They don’t want the hassle of paying bills by cutting a check and putting it in the mail. Tech-savvy customers in particular prefer to pay using a fintech or mobile payment technology. If you want to get customers to pay on time, you need to offer payment options that suit their business model and lifestyle. Here are our best methods for getting customers to pay on time with fintech or mobile payment technology.
ONLINE PAYMENT OPTIONS
Offering multiple payment options including online payment can make it easier for your customer to pay on time. You can include a hyper-link on your invoice template which is connected to a secure payment portal. The portal can be programmed to accept payments by credit card, Automated Clearing House (ACH) and Electronic Funds Transfer (EFT). Other payment options such as PayPal Express Checkout or Google Checkout for internet orders may also be possible depending on the software platform you use.
If you plan to offer online payment options, make sure that the software you use is Payment Card Industry (PCI) compliant, so that you adhere to PCI standards.
A side benefit of online options is that they are self-service. You don’t tie up a collection representative processing payments, so more time can be spent on collection priorities.
CREDIT CARD PROCESSING
It may also be possible depending on the software platform you use to process credit card payments for phone and internet orders directly rather than through the card issuer, simplifying card authorization and card-not-present requirements. This is a great way to speed up credit card processing.
AUTOMATED PHONE SYSTEMS
With Interactive Voice Response (IVR) capable software you can offer an automated phone payment option. This makes it easy for your customer to pay invoices on the run with prompts and response by voice activation of a payment from a previously designated source such as a credit card, ACH or EFT.
The capability to create email links allows you to send a customer an email with a payment link for a pre-determined amount. Your customer can then simply click on the link to initiate a payment from a previously designated source.
This raises payment reminder emails to the next level. Your customer can pay on the spot instead of having to go to another screen or system to initiate a payment.
Another great way to get busy customers to pay on time is to offer a Short Message Service (SMS) texting payment option. With a SMS texting option you provide a phone number for your customer to text. The customer’s text initiates a payment from a previously designated source. It doesn’t get much simpler or convenient than this for your customer to pay on time.
These best methods should help you to get busy customers to pay on time. The tools available in an automated accounts receivable, credit and collection system make these fintech and mobile payment options possible. Offering these payment options will give you more time to focus on collection of problem accounts.
Automated accounts receivable, credit and collection software, which is PCI compliant, is available from Anytime Collect, the leader in cloud-based software solutions made specifically for businesses selling on credit terms.
If you would like to learn how you can automate your accounts receivable, credit and collection system, please contact Anytime Collect at www.anytimecollect.com.