Best Practices for Payment Collection
Are you spending too much of your precious time on payment collection? Do you wish you had a specific person in charge of this so you could focus on running your business? We have a solution for you! Keep reading this article to learn about best practices to improve your payment collection processes including:
- Valuing your client
- Setting clear expectations
- Maintaining consistent communication
- The right tools
Valuing your client
We believe it is easier to collect money from clients that know you care about them. It’s the little things that count. Go visit them at their place of business if possible, send them something special (even if it’s just a card) for their birthday/business anniversary, and go above and beyond to provide them with resources that help them succeed.
Setting clear expectations
It’s easier to break a commitment when you don’t know what it is. So, be clear with your clients- how much they will pay, when the payment is due, and ensure that the invoice was delivered to the right person.
Maintaining consistent communication
Our business has procedures with how often to follow up, what to say, and tiers of communication. We suggest establishing a similar plan in your business- determine how often you should send reminders about an open invoice, the wording of the different kinds of reminders, and when things should escalate to a higher tier of administration.
The right tools
We know there are several tools available, but we want to share about our tool which has been very useful to a range of businesses! Introducing- CollectPRO, an app meant to streamline your payment collection process for open invoices (accounts receivable). Here’s what you can do with CollectPRO as your personal assistant in payment collection:
- Link your QuickBooks Online Account to CollectPRO.
- View your uncollected payments (accounts receivable) in multiple ways: ie, in summary or in detail and sort your view by client name, aging status, or total due.
- Track your collections efforts by creating and updating statuses, notes, date stamps, and viewing your note history.
- Save and export custom reports to keep the most updated financial decisions for your business.
If you are interested in a free one-on-one consultation about managing your payment collection process please contact us at: 432-363-4009 or if you are curious about the tools we use- check out this free interactive demo of CollectPRO!
The right tools
We know there are several tools available, but we want to share about our tool which has been very useful to a range of businesses! Introducing- CollectPRO, an app meant to streamline your payment collection process for open invoices (accounts receivable). Here’s what you can do with CollectPRO as your personal assistant in payment collection:
- Link your QuickBooks Online Account to CollectPRO.
- View your uncollected payments (accounts receivable) in multiple ways: ie, in summary or in detail and sort your view by client name, aging status, or total due.
- Track your collections efforts by creating and updating statuses, notes, date stamps, and viewing your note history.
- Save and export custom reports to keep the most updated financial decisions for your business.
If you are interested in a free one-on-one consultation about managing your payment collection process please contact us at: 432-363-4009 or if you are curious about the tools we use- check out this free interactive demo of CollectPRO!
Getting Started with CollectPRO
Try our Invoice Managing App
Want to see how it works? Sign up for a free demo in our sandbox environment or take advantage of our 14-day free trial to experience the full benefits of the accounts receivable app platform including a QuickBooks online integration with your account. Visit our main page for more info.
