In an ideal world, all of your invoices would get paid on time. However, as most businesses have experienced, this is usually not the case. The average business is owed $300,000 in late payments (QuickBooks), and in the UK, research shows that around 50,000 businesses close each year due to the impact late payments have on their cash flow (FSB). These numbers make it very clear that finance teams need to do what they can to follow up on outstanding invoices, ensure that their payment reminders get noticed and that their customers can pay their invoices as easy as possible.
This is why thousands of finance teams have implemented Chaser. Chaser’s accounts receivable solution allows finance teams to automate invoice chasing and streamline their credit control processes. Chaser’s software provides all the tools needed to run your business’s credit control in the most effective way as you can credit check and monitor debtors, chase payments, create payment plans and collect overdue invoices all in one place. And, with our newest feature, SMS chasing, you can add a whole new dimension to your credit control and reach out to customers about payments in a more effective way and get invoices paid faster.
What is SMS chasing?
SMS chasing is simply the act of sending payment reminders via SMS to customers who have outstanding invoices. This can be before the invoice is due, reminding them of an upcoming due date, or after the invoice has passed the due date. Payment reminders sent via SMS can also include a payment link, as those sent via Chaser’s software, which allows customers to pay invoices instantly directly through the link in their payment reminder SMS.
Who uses SMS chasing?
SMS chasing is used by finance teams, and accounts receivables or credit control teams at businesses who sell their goods or services on payment terms. It’s used by businesses who issue invoices and extend credit, as a means to remind customers of upcoming and overdue invoice payments.
Why send payment reminders via SMS?
On average, people receive double the number of emails per day than they do SMS messages. Due to the sheer volume of emails your customers receive every day, payment reminders via email can sometimes get overlooked. SMS messages have an open rate of 98% (Tyntec), so by supplementing email payment reminders with payment reminders sent via SMS you are more likely to get your reminders noticed and get your invoices paid.
How Chaser’s SMS chasing feature can benefit your business
Invoices get paid faster
You can get your invoices paid faster by making invoice payments seamless for customers. By sending invoice payment reminders via SMS and including a payment link, clients can make payments instantly, in just a few clicks via their SMS message. They can pay the invoice on-the-go, or when sitting on the couch - they don’t even need to switch on their laptops. Keep in mind that the easier you make it for your customers to pay, the quicker you will receive payment.
You can reach customers with ease
Cut through the noise and reach customers on-the-go by sending payment reminders via SMS. By sending payment reminders to their phone, you can reach customers more efficiently and the 98% average open rate for SMS messages makes it one of the best and most effective ways to send information that you need the customer to see and take action on.
Don’t waste any time following up with customers manually. All of your SMS messages are automated with customisable templates and schedules, to ensure you save time without losing the personal touch. Also, when your customers make payment, they will automatically receive a SMS thanking them for paying so that you don’t have to manually follow up yourself.
Build and maintain customer relationships
Following on the previous point, SMS messages can be sent using customisable templates that comprise editable and personalised fields like business name, due date, invoice amount, making the messages look like they were hand-typed by you or a member of your team, specifically for your customer. This allows Chaser users to send messages using their usual style of language and communication with customers, giving each automated message a human touch which helps to build and maintain those important customer relationships.
Enhanced payment chasing processes
There are several ways to send payment reminders, but by using a combination of SMS and email payment reminders in your automatic invoice chasing schedules, you can increase your chances of reaching your customers and of prompt invoice payments.