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
Among all the important tasks CFOs and collectors juggle every day is trying to reconcile accounts due. There may be more pressure this yea...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
2023 promises to be a very challenging year for Accounts Receivable departments. The word from many in the A/R and credit & collections...
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
It might be time for A/R or your credit and collections arm to roll up their sleeves. Staying ahead of the surge in Chapter 11 Bankrupt...
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...
