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Consumers Use Technology to Manage Bills

September 27, 2017 at 6:15 PM

How are you reminding your customers about bills that are due or past due?

Traditionally you would send out statements and past due notices via mail. If there was no response or payment, you may give them a call. Would cutting costs of collections by 40-60%¹ be worth taking a look at? Of course!

Consumers use technology!

In a white paper presented by Nuance Communications¹, research shows 42% of Americans would prefer companies contact them via text message, with 59% of millennials preferring text messaging! In fact...93% of Americans prefer non-traditional methods of communication from the companies they do business with - including email, text, mobile app notifications, and social media interactions¹.

Data in case studies from companies who offer multi-channel technology show an increase in dollars collected when using communication such as text and email.

This doesn't have to be complicated. To start, ask your customer their preferred method of communication and get the needed information and permission, such as cell phone number and email address. If you are a small business, it will be more cost effective to manually send out payment reminders. There are a lot of templates available to get you started. If you would have a large number of customers to contact, look into companies that can set this up for you.

And...if you are a healthcare provider, you will need to consider HIPPA compliance and use the proper security to implement technology. It might be worth to explore because you can use this process for appointment reminders too!

¹Professional Collection Services does not endorse referenced companies. For research from Nuance Communications...review here


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Category: Accounts Receivable Management

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