Biller Genie Blog

A Payment Plan Feature Helps Your Customers Pay Their Invoices and Impacts Your Bottom Line

Mar 23, 2021

Customer relationships matter. So does your willingness to work with a customer to help them pay their invoices. When you accommodate your customers through payment plans, you’re being a compassionate business owner. A customer will not forget a company that was flexible and understanding about their financial situation.

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When is the right time to suggest a payment plan?

Within Biller Genie, you can offer installment payment options. You have the option to turn on or off payment plans. When you turn on payment plans for a particular customer, they will see that option appear in their Customer Portal. As long as they have a payment method set up, any customer can request a payment plan.

Additionally, within the Customer Portal, the payment terms will be displayed for the customer and will show their payment installations. Maybe weekly payments are too frequent. Biller Genie offers your customer the ability to select other payment terms, such as monthly payments. So long as they have made a down payment in any amount, a payment plan can be created if it is turned on in the Merchant Portal.

How to Approve or Reject a Payment Plan Within Biller Genie

It’s easy to approve or reject a customer’s proposed payment plan in Biller Genie. Once the request is sent, you’ll receive an email notification as well as a message on your Biller Genie dashboard to review and approve the proposed payment plan. The email will show the invoice number of the requested payment plan, along with the plan details. Simply click on the link in the email to approve or reject the payment plan.

     

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    Invoice Payment Plans Are a Valuable Way to Help Customers and Ensure Your Invoices Are Paid

    There are many benefits to offering customers the option to use payment plans, including the following.

    • Avoid the hassle of collections. With payment plans, you make the ability to pay an invoice realistic for those people who need additional time. This will save you time, money, and stress in the future costs that might be associated with having to collect on that past due invoice.
    • Set-it-and-forget-it. The payment plans feature in Biller Genie automates charges to your client’s credit card or bank account. Once the plan is set up, Biller Genie’s technology will automatically charge your customer the amount you designate each day, week, or month. You can automatically send payment confirmation emails to that customer until the outstanding balance is paid off.
    • Payment plans make you a better business owner. There’s really something to be said about a business owner who wants to help their customers and see them succeed. By turning payment plans on for your customer, you’re giving them the chance to make up for harsh times with options that work for them. In almost all cases, invoices are not late because people intend not to pay them. Most often, the issue of non-payment is as simple as the invoice being forgotten about, not because the customer doesn’t intend to pay it.
    • Offering a payment plan to a customer also acts as a gentle nudge reminder. Biller Genie’s Invoice Messenger is its most powerful feature. It has a measurable impact on your profit. If you’ve set up reminders in Biller Genie already, you already know how well they work. Thanks to Biller Genie’s automated accounts receivables platform, your customers will receive automated invoice reminders, sent by The Genie without any extra work on your part. This happens whether or not they have a payment plan set up. These reminders come in the form of emails and/or paper mail reminders. If you see that your reminders aren’t working, maybe it’s time you offered a payment plan to help your customer. Doing so might be just enough of a nudge to get your customer to pay the invoice in full when automated invoice reminders aren’t working.
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    More Ways to Help Your Customers Pay Invoices

    Besides payment plans, there are other ways to help ensure your customers pay their invoices. Biller Genie also offers auto pay, which enables customers to store their preferred payment methods so that they don’t have to worry about missed payments. You can also waive late fees for customers to help them when prompt payment becomes difficult. The Customer Portal is one of the best features of the Genie in terms of putting the power to pay into the hands of your customers. Learn how the Customer Portal reduces unpaid invoices.

    Learn How to Use the Payment Plan Feature Inside Biller Genie

    It’s easy to get started using payment plans in Biller Genie. The impact of offering payment plans to your customers is something that won’t soon be forgotten. It’s a customer experience that is not only positive but also memorable. A payment plan is a great option that helps not only your valued customers but also your bottom line. Get started using the payment plan feature in Biller Genie.

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