Whichever industry your business or organization is involved in, it is crucial that your billing is accurate and sent out on time to ensure you receive payment in an efficient and timely manner.
However, recurring billing and collection challenges can occur, so it is important that you know how to address such problems to prevent them from happening.
Provide Multiple Payment Options and Send Out Automated Emails
If your customers or clients decide not to pay, that is certainly problematic. But as long as you can prove that money is owed to you, you can pursue legal proceedings to claim the money you are due.
However, there could be other times when your customers do not pay but have not intended to stop paying. That is known as involuntary churn.
It could happen for various reasons, such as the customers maxing out credit cards or having insufficient funds in their bank accounts. Internet connectivity issues could delay or prevent bills from being paid on time, too.
In order to avoid losing revenue from involuntary churn, you should have backup payment methods in place.
So, if someone cannot pay with his or her credit card, the customer could still make a payment by direct bank transfer, for example.
Also, if your customers have their cards stored with you, you should send out automatic emails prior to cards expiring so that your customers have enough time to update their details and ensure funds are available.
Simplify Complex Billing Processes by Adopting Automated Billing Software
If you are using anything other than automated billing software that is tailored to your needs and your industry, you will probably face complex billing processes and spend time chasing payments.
By automating your billing system, you can simplify the billing process and better ensure you collect payments on time.
The more customers or clients you have, the more complex billing processes can become, so ensure you switch to automated invoicing to streamline the processes.
With the best billing software, automatic recurring bills can be sent out on set dates and remind customers when amounts are due. You can also use some billing software to manage customer records and reports.
You should also look at getting software that is tailored to your specific industry. For instance, if your business works in the healthcare sector, you should get integrated billing and coding software, like Foothold Technology software, that enables you to send out bills automatically and configure billing for different types of payers, including Medicare, Medicaid, and managed care.
Use Billing Software That Can Help to Reduce Failed Transactions
Failed transactions can still happen with recurring billing, so you should use an automated software solution that is able to automatically inform your customers or clients about their failed transactions.
You can then easily tack invalid payments and non-payments and create greater efficiency in your system.
Basically, you need billing software that does the hard work for you. Then, you can save time and ensure far fewer payment transactions fail.
Provide Multi-currency and Multi-language Support
To further reduce non-payments and late payments, you need to make it as easy as possible for your customers or clients to pay their recurring bills.Therefore, your billing system should be able to access all kinds of languages and currencies.
By choosing software that supports multi-currencies and languages, you can better communicate with customers or clients and remove potential payment barriers.
Ensure All Transactions Are Secure
Lastly, to avoid recurring billing and collection payments, it is vital that all transactions are secure.
Both your organization and your customers need to be assured that all billing transactions are safe and secure, and therefore cyber criminals are unable to access funds and data.
So, choose automated billing software that has the very best security protocols.
