Businesses face significant difficulties when trying to control their cash flow. If revenue targets aren’t met, payroll and other operating expenses may be paid late. But how can you get customers to make timely payments? When you just can’t, debt collection by SMS may be your best option.
Traditional methods of collecting past-due or otherwise unpaid debt sometimes end in costly legal battles and unreturned phone calls. To what extent would you be interested in hearing about a more efficient method of debt collection? Furthermore, it costs very little.
SMS messages reminding clients of overdue payments are very inexpensive, but have the potential to save businesses thousands of dollars. In order to save money and keep clients happy, several debt collection organisations have begun to automate the sending of SMS reminders of overdue payments.
If you’re having trouble getting your money back, this post will provide you 10 samples and some pointers for debt collection messages.
The Debt Collection Process: How Can SMS Services Help?
- Automatic payment reminders, customized with account information, and confirmation of payment checks may all be accomplished with the use of text messaging services.
- As required by the Fair Debt Collection Practices Act, we have compiled the greatest uses of short message service (SMS) technology in the debt collection industry
- Notify them through SMS when they’ve been paid. Using our SMS programme, you can quickly and easily send out text messages to your debtors. Sending out timely payment reminders may help you save money on debt collection fees and get consumers to settle their accounts.
- Explain the regulations of debt collection to your customers. By giving debt collection legislation information by text message to consumers who are hesitant to pay, you may increase the likelihood that they will pay what they owe. Remember that you’re not out to annoy them; rather, you’re trying to educate them on their legal obligations to make up any past-due payments.
SMS Service Provider
- Verify that payment confirmations have been sent. After a client makes a payment, it’s important to thank them and continue providing service. It will strengthen your bond with them and earn their undying devotion.
- Put in place a payment reminder system. Incredibly, some individuals really fail to meet their financial obligations because they simply forget to do so. Scheduled text message reminders can help you avoid this situation. Our programme allows you to set weekly or daily reminders.
- Distribute account information through text messaging. The importance of clarity cannot be overstated. Provide your customers with all the resources they may need, including customised SMS messages including account information. Complete debt collection may be accomplished with open communication and regular updates.
- Create canned answers to frequently asked questions. You may send pre-programmed messages with information like payment schedules, balances, interest rates, etc. In order to have the programme automatically respond to frequently asked questions, you can simply attach keywords to such inquiries.
- Maintain a close eye on how well people are able to communicate. Intuitive dashboards are provided by bulk text message providers, which track information like delivery time, delivery status, response rate, prices, etc. You may evaluate the success of your plan using this data.
Advantages of Text Messages for Reminding People to Pay Their Bills Who Have Overdue Balances
- Using the aforementioned debt collection SMS examples to persuade clients to pay will be beneficial in a variety of ways. The key advantages of using two-way text messaging for debt collection are as follows.
- Raise the percentage of people who respond. It’s important to reach out to consumers without making them feel awkward. Unlike by phone or email, many customers will reply to a text message.
- Put previously-stuck cash to better use. The cost of using conventional debt collection techniques may quickly add up for a corporation. Text-based automation systems are cheap and simple to set up.
- Talk to all of your customers right away. Sending out a mass SMS to your clientele is a quick and easy way to recover overdue payments. Deregistered numbers and unsuccessful deliveries may be tracked using enabled delivery receipts.
- Develop stronger bonds with your clientele. Attempts to recover a debt may be distressing for anybody concerned. Who can fathom the string of misfortunes that would have prevented a payment from being made? Debt collection examples in text message form are polite and discreet.
- It’s a waste of time. Debt collection using text message (SMS) might help you save a lot of time. The use of pre-made text messages, text templates, and automated technologies to add your own flair is highly recommended.
- Add some urgency. Urgency is heightened by text message reminders. The best strategy to ensure that your customers pay on time is to provide them with clear and concise information about when payments are due.
Feel free to get in touch if you have any questions about these tactics or the SMS templates we’ve provided above for reminding clients of overdue payments. We’re happy to provide a hand if needed.