At the end of every sales interaction – you can have an amazing product with life-changing benefits – but you need a solid offer to encourage these prospects to purchase, so you promise them that you will give them your product for a FREE 30 DAY trial – and what’s more a week before you bill them you will send them a reminder asking them if they want to continue using your services or not.
Now if 1000 people sign-up for a FREE Trial and about 400 make a final purchase – you would first need to;
1 – Invoice each purchase
2 – Cancel the payment of those who aren’t interested (nothing gets you in hotter water than charging the credit card of a prospect who said he wasn’t interested in your product – so this is an important step).
When you’re working with sample sizes that extend into the hundreds and thousands of customers – it’s best for you to bring some level of automation in your billing department – to avoid mix-ups in invoicing and payment collections.
So how do you automate this?
I’m glad you asked. You see, the best way to automate the process of payment collection is to use a payment management software.
This cloud-based system helps you automate key functions of your business like payment release and payment reminders. It also helps you create custom payment packages for your customers as well.
WHAT ARE THE BENEFITS OF A PAYMENT AND INVOICE MANAGEMENT SOFTWARE
Let’s say you were selling real estate and a customer purchased a property from you for $50,000.
At first, he pays you an installment of $10,000 and then tells you he will pay you the rest over the coming months.
A Payment collection system would then help you in streamlining this.
1 – Assign the payment collection to one of your employees. The employee will also get a mobile application where he can make updates about the payment.
2 – The payment management software would then send a series of reminders to both the collection agent and the customer.
3 – Upon collection of the installment the booking agent can then update the software with details of the last received payment and once all the installments are finished, the matter can be closed.
4 – If the customer fails to pay you after repeated reminders – he will be blacklisted and you can take the appropriate action.
WHAT ARE THE FEATURES OF A PAYMENT AND INVOICE MANAGEMENT SOFTWARE?
A payment collection system and invoice management software should help you;
1 – Efficiently manage and optionally automate different aspects of your business using the invoice management software to raise invoices for pending payments as well as automated payment collections.
2 – It should be able to generate an automated email and SMS alerts to send to a particular recipient or an entire list.
3 – It should let you collect both online and offline payments.
4 – It should send reminders to defaulters.
While looking for a payment and invoice management software provider – these are the salient features that should be there in their package.