6 Quick Tips

Six Practical Tips to Speed Up Payments

Tip #1 – Use Text Messages
If you have a mobile phone, chances are your debtor does too. Use one of many services to send a text message. They allow you to send the message from your email, deliver it to their phone, and receive their reply in your inbox. You can also send the same message to multiple debtors very cheaply.

Tip #2 – Remind Before the Due Date
A highly effective way to ensure timely payments is to send a gentle reminder before the payment is due. 

Tip #3 – Ask About the Shortfall
If they can’t pay the full amount, avoid asking, “How much can you afford?” Instead, try, “How much are you short?” This often results in a larger payment.

Tip #4 – Offer a Payment Arrangement
If you know they're low on cash, propose a payment plan you’d be willing to accept if they had suggested it themselves.

Tip #5 – Add This Phrase to Reminders
Including, “I’ll phone next week to see if there's anything you need,” in your messages has been shown to double response and payment rates.

Tip #6 – Use Bullet Points
Bullet points make your reminders easier to read and respond to and can lead to more replies.