Regardless of the kind of business you run, one of the most crucial steps to your survival is collecting timely payments from your clients. While some clients pay their invoice right away and others take a little while, a select few always seem to ignore overdue invoices even after they have been reminded several times.
Not collecting on overdue invoices poses a problem in your cash flow and makes it difficult to cover your expenses. That’s why, whether you manage a business or work as a self-employed professional, it is critical to learn the best ways to collect on overdue invoices.
How to Collect Overdue Invoices From Customers
Through automated scheduling, intuitive user-interface, and easy to use features, Biller Genie can put all your invoicing worries at bay.
To help you understand how this state of the art solution can help, here are five ways how Biller Genie lets you collect overdue invoices from clients.
1) Create and Follow-up on Overdue Invoices Automatically
Instead of setting aside an hour or two every day to obtain overdue payments, you can integrate Biller Genie with your accounting software to automate these activities.
That’s correct. Biller Genie can generate and follow-up on overdue invoices as you enter payments into your using software such as Quickbooks, AccountingSuite, or Xero.
This single point-of-entry saves you from making changes on multiple platforms, while also sending automatic payment reminders, so you don’t have to. This saves your time and lets you focus on the day to day business tasks that matter the most.
2) Accept Overdue Payments With Late Fees
One way to encourage customers to pay on time is by accruing late fees on overdue invoices. But if you follow this policy, then it can cause a disconnect with automated reminders on older payments.
That’s where our solutions play a critical role, we help you automatically generate updated overdue invoices with late fees included, even in Quickbooks.
This feature allows your automated reminders to be up to date according to each clients’ payment behavior. At the same time, it ensures that you do not have to choose between convenience and accuracy while collecting overdue invoices.
3) Offer an Easy Way to Make Payments
Offering static invoices has a big problem within their structure: They direct your clients to third-party payment tools. As a result, they give clients an excuse to delay payments until they have access to cash, checkbooks, or third-party payment transfer.
To solve this problem, Biller Genie offers clients a convenient way to pay through its own Customer Portal, which is linked within its reminders and customized to fit your branding.
By having the option to make payments right through the reminder notification, clients feel more inclined to process overdue payments. This cuts back the time that it takes to process invoices, and prevents unnecessary delays that some clients associate with inconvenience.
4) Offer Your Own Mobile Payment Apps
With the increased usage of mobile payments solutions, it is vital to learn how to collect overdue invoices through mobile apps.
Thanks to Biller Genie, you can now deploy your mobile payment apps within a few simple steps. Built for iOS and Android, these apps help your clients process your invoices from their phones.
This prevents many accessibility barriers in payment processing, while also giving you the chance of sending push notifications right to your customers’ mobile device.
5) Provide Clients With Flexibility through Installment Payments
While some clients may actively renege from processing invoices, others might be unable to process your payments due to a shortage of liquid assets. In such cases, you must show some flexibility to recover your payments.
Biller Genie lets you solve this issue with ease, and offers your clients a way to pay invoices in installments.
The installment period and duration depends entirely upon your discretion, so you can offer your clients payment options that you feel comfortable with. Through this easy to use feature, you can cut down the risk of not receiving the compensation you deserve, which makes the task of collecting overdue invoices that much easier.
Save Time On Collecting Overdue Invoices From Your Customers
Collecting overdue invoices often throws you into the world of manual follow-ups.
Sending emails and calling your clients’ offices becomes a regular practice. Posting reminders via mail or making physical visits to clients is often next on the list, but if you accept work remotely, then you usually don’t have that avenue for collecting overdue invoices.
Overall, all of these tasks take precious hours away from your schedule. The time you could spend in scaling your business is dedicated to collecting overdue payments. This way, even when these payments are made, you are left with doing damage control due to the productivity you lost while receiving them.
Thanks to the advancements in payment processing technologies, you don’t have to seek out difficult clients via time-consuming follow-up methods.
By using specialized tools, you can learn how to collect overdue invoices right from your workplace or home office without investing your time into follow-ups. As an automated invoicing and collection solutions, Biller Genie fits the bill perfectly.
Contact Biller Genie Today!
With a focus on customization, security, and ease of use, Biller Genie solutions can fulfill the needs of organizations of all sizes. Our invoicing solutions can be a perfect fit for all your requirements!
Whether you have any questions or need to discuss specific requirements, contact us today to learn more about how Biller Genie can help your business.