![]() ![]() Text messages have a 40% response rate, outperforming emails, phone calls, and direct mail. Simple text message reminders go a long way in keeping finances on track. It’s good due diligence for your business, and it provides transparency for the customer to ensure they are not caught off guard. Payment reminders are a key tactic for improving your account receivable turnover ratio. The best combination is the one that creates payments. If so, you can choose to send monthly payments via text, one-off purchases via email, and overdue notices via direct mail. You may decide that a multichannel strategy best suits your payment needs. Solutions like SMS-Magic offer great flexibility when it comes to the types of payments you can receive via text. Your customers are free to use whatever method suits their needs best. Add messaging to your payment methodsĪdding text messaging as another way to receive payments is a no-lose situation. In the meantime, here are some of the ways conversational messaging can improve your accounts receivable turnover ratio, bolster customer trust and streamline your team’s efficiency. ![]() We have several specific suggestions for protecting your customers and your company, and we’ll discuss them in detail in a later blog. You might have questions about the security of messaging transactions, and that’s understandable. Through conversational business texting, payment alerts can be issued and processed faster, directly boosting that ratio. A better ratio means that a business has stronger cash flow, an important goal in any industry. Although the standard for the accounts receivable turnover ratio varies by industry, the higher you can get your numbers, the better.Ĭompanies with high accounts receivable turnover ratios indicate that they collect payments from customers quickly without long waiting periods. This ratio quantifies how well companies are managing the credit extended to customers and their outstanding debt collection through a specified accounting period. A study conducted in 2020 by Weave found that 35% of customers are interested in paying with a text from their phone.īusinesses are wise to offer payment via text to improve their accounts receivable turnover ratios. Bills, charges and other fees that are traditionally sent via email and direct mail can also be sent via text messaging and may boost the timeliness and responsiveness of payments received. ![]() From one-day wire transfers to one-click ordering, quick payment processing is of value for both businesses and their customers. Of all the online processes that have been accelerated over the years, payments may be at the top of the list. ![]()
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