The deal is sealed.
You already sent the invoice and are waiting for your smartphone screen to come alive and give you a message “$ $ $ credited to your account.”
The payment hasn’t arrived yet.
It’s been one day. Two Days. And you are still counting.
You followed up only to hear that the client will make the payment as soon as they test the product or check the services.
You can’t even push it harder as they could be your repeated, valuable customers.
The icing on the cake could be that your customer has gone on vacation and won’t be able to pay till they return.
Does this scenario make you pull your hair?
Making clients pay quicker is a real frustration considering you don’t have many options.
You are about to unearth three hacks to make your customers pay faster without requesting again and again.
Here they are:
1. Offer an Early Bird Discount
Imagine you are shopping online. You searched for a product and are reading its details. Your eyes travel to the text saying, “Get a 10% discount if you buy it within an hour.”
Would you like to take that deal, especially if you need the product?
I often stumble upon such offers on Amazon. They never fail to lure you in.
You can offer such discounts to your clients. For example, a 2% discount on early payment or payment within the due date will tempt your customers to pay earlier.
2. Generate a Wise and Professional Bill
Where acquiring discount appeals to the logical, showing courtesy for early payers appeals to the emotional mind. Together they work wonders.
Using polite language like “Thanks for doing business with us” or “We appreciate your on-time payment” makes clients feel like they are a part of your business.
If you are in the subscription service business, it will help to stick to a regular payment schedule and reminders. For instance, if clients are due to pay on the 5th, send them reminders and an invoice on the 1st of every month. This makes clients feel like you are asking them first instead of directly deducting money from their bank account.
3. Open Multiple Payment Doors
Not all of your clients use PayPal. Some of them use online payments, while some stick to debit or credit card payments.
Here are the top online payment methods used worldwide in 2020.
Having a single payment option is like putting a barrier between customers and payment. If they don’t find the preferred payment mode, it won’t take much time for them to leave.
Hence, offer your clients multiple payment options. You can go for a merchant account, allowing your business to accept payments through various mediums like credit and debit cards.
Map Out a Plan
It’s time to make a plan on how to include these tactics in your payment processing and influence clients to pay faster without asking. It will strengthen customer relationships, inspire loyalty, and keep your banks full all the time.