2 steps this company used to get a 72% payment rate
If your Collections department doesn’t have the time or resources to send out those gentle reminders to late payers, you may have success with these tactics.
Here are two painless — but effective — ways to get late customers paying sooner:
1. Sync your e-mail with late-payers. With this move, you’ll be able to pull info from the A/R system and personalize an e-mail message once a customer hits a certain late mark.
2. Hit ’em early. The sooner you remind customers, the better. Try sending the e-mail out around 5-7 days after the customer is past due.
The late-payer e-mail strategy worked wonders for one Virginia-based credit union. The company started sending e-mail reminders to customers that were five days past due.
Result: 2,257 notifications got the company a 72% payment rate.
One caution: This strategy probably won’t be effective with extremely late customers. In these cases, you’ll likely have to opt for a more personal approach.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Companies are declaring bankruptcy at a rate not seen since the 2010 recession. And it’s bad news for credit and accounts receivables...
B2B cash application refers to the process of matching a customer’s payments to the invoice that corresponds with them. In today̵...
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Can automated payment systems be guilty of discriminating against certain groups of people? The federal government says yes, they absolutel...
Tight lending limits by the banks and high interest rates will continue putting a financial strain on companies in 2024. Customers will loo...
Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year’s only a little more than hal...
