Late payments are one of the most damaging issues small-to-medium businesses (SMBs) face. Hitachi says that 60% of SMBs are affected in this way, with 35% of businesses resorting to short-term loans to stay afloat.
Sending payment requests and reminders also takes up a lot of operating time, especially if businesses are accepting a high volume of payments. That’s why businesses are looking for an automated solution for accepting and sending payments online – and the most efficient method of doing this is by sending SMS payment reminders. That’s where Cashflow.io is perfectly equipped to help your business.
What is Cashflow.io?
Cashflow.io is a cloud-based solution designed to automate and streamline sending and receiving payments, as well as offer your customers same-day financing options. Where Cashflow.io is most useful here is it automates payment requests and reminders through various channels.
Cashflow.io believes that business owners and their staff should spend less time setting up and taking payments and more time growing their business. That’s why Cashflow’s payment terminal is designed to be easy to use and function almost entirely automatically.
Why use SMS?
An increasing issue is customers ignoring payment requests by the traditional channels of email and post. If you’re dealing with B2B transactions, these messages are likely being buried among the vast number of messages businesses receive on a daily basis.
For B2C payment requests, whilst there have been recent improvements in how frequently people check their emails, not everyone checks it daily. For example, some don’t have email apps set up on their phone. Furthermore, payment requests could be filtered out by spam filters, meaning your customers won’t see them.
This all means late payments and cash flow issues for your business.
The obvious solution is to offer phone calls to every customer and tell them a payment is due. Sure, this may work for a small number of high-value payments. But the manpower needed for that is too great for small businesses, adding an extra cost and burden to you.
That’s where SMS presents a great middle-ground. By sending SMS text messages to your customers, you’re guaranteeing that they will be notified of your payment request. Cashflow.io can automate payment requests to be sent by both email and SMS.
And it doesn’t end there! You can also notify your customers by SMS that their service is complete, or ready for pickup and provide them the option the pay in advance minimizing the wait time to process the payment on location.
Sending Payment Requests
It’s super simple to start sending payment requests to customers using Cashflow.io. Through the payment terminal, you’ll need to enter your customer’s details such as their name or company name.
Next, we’ll need an email address and a phone number. It’s important this is a phone number that you know is valid, as this is the number the SMS payment request will be sent to.
The payment request form will also give you an option to add a note to your request – this can be an invoice or order number or even just a sweet thank you message.
These SMS payment requests can help reduce late payments by more effectively notifying your customers, and also by offering discounts to early payments.
Get Started with Cashflow.io
So, what are you waiting for? Let’s reduce your late payments, increase cash flow and free up your resources today.
Remember, late payments can cause heaps of damage to your business. It leads to your company being unable to cover operating expenses like salaries, debt repayments and other obligations.
Cashflow.io will put a stop to this! Get started for free with a trial tier that gives you 25 free transactions a month or $25,000 in volume – whichever you meet first.
Once you’re ready to transition over to Cashflow.io as your main payment portal, you can get started for as little as $50 a month – or go ‘Pro Unlimited’ for $100 a month.
There are zero integration costs and no long-term commitments or contracts. Get started today at cashflow.io/signup!
About the Author