Every company can use these 3 tips to get paid faster and easier
1. Motivate your customer to pay on time
How quickly do you get paid?
The lower the number of days, the lower your Days Sales Outstanding (DSO). A low DSO has a positive impact on your cash flow. Therefore, it is important to motivate your customers to pay outstanding invoices earlier.
The best way to do this is consistent credit management. Make sure you remind your customers of outstanding invoices in a structural manner. You can do this by sending out reminders at set times and by bringing the invoices to the attention of your customer as clearly as possible, for example by text message or email. This ensures continuity in the debtor process and better payment behaviour of your customers: they know exactly when they will receive an invoice or reminder from you.
Tip: a different payment term ensures that an invoice is paid faster.
2. Offer different payment methods in your invoice
To get faster and easier, it is important to make it as easy as possible for your customer to pay his or her invoice. This threshold should be as low as possible. And nowadays technology offers all possibilities to make a payment at the touch of a button.
Hanze University of Applied Sciences has also noticed that this really works:
Students can pay directly with a payment link from the invoice, reminder and online environment. The record for fastest payment is now 17 seconds after sending the invoice with a payment link in it!
3. Stay in personal contact with your customers
At Payt, we believe that the percentage of deliberate defaulters is minimal. Good credit management often consists of finding out the reason for non-payment.
Has the product not been delivered? Does the customer have a complaint about your company? Or is there an error on the invoice? These can all be reasons for your customer not to pay the outstanding invoice.
Communication with your customer is very important to get paid faster. This will result in a shortening of the payment term and a reduction in the write-off of unpaid invoices.
A complete solution
Smart credit management is important and prevents customers from paying their invoices not at all or too late.
Payt’s debtor management software makes it possible to send invoices and reminders fully automatically. Payt structurally reminds your customers of outstanding invoices. This positively influences the payment behaviour of your customers.
Payt also brings structure to the communication with your customer. In the communication portal, the customer has the option to leave a message per invoice. This means you quickly know why a customer has not yet paid his or her invoice.
Payt makes payment easy for customers. The software makes it possible for you to offer different payment methods. It makes paying the invoice as easy as possible. There is always a payment method that suits your customer. This lowers the outstanding balance in almost every industry!
Curious about the various options of the software and what Payt can do for your organisation? Download our brochure via the form below!
Ready to get Payt?
Curious to learn more about how Payt can help improve your credit management? Download our brochure.