4 ways to improve your cash collection

Cash collection is typically handled by the accounts or credit control department. However, aged debts can accumulate quickly if the payment process is complicated or if customers find it difficult to make payments.

Here are four tips to improve your cash collection process and reduce aged debt in your business:

1. Remove Barriers to Payment

Make it as easy as possible for your customers to pay you. Barriers like unresponsive phone lines or long hold times can frustrate customers, leading them to delay payments. Streamlining your process will encourage prompt payments and reduce delays.

2. Offer More Payment Methods

While you may already accept online payments, expanding your payment options can boost conversion rates. If you currently only accept debit cards, consider adding credit cards, American Express, or Direct Debit as well. Providing a variety of payment methods gives customers more flexibility and convenience.

3. Enable 24/7 Payment Options

Having round-the-clock payment availability is essential for many businesses. For example, tradespeople like plumbers or electricians, who are busy during the day, may only have time to pay their bills in the evening or on weekends. Offering a 24/7 payment facility helps eliminate time-based barriers to payment.

4. Accept Payments Online

An online payment page, whether standalone or integrated into your website, can greatly simplify the payment process for your customers. It allows them to pay at their convenience without needing to call, increases the types of payment methods you can accept, and offers 24/7 access, freeing you from the limitations of office hours.

To discuss adding an online payment portal to your website please visit our Contact Us page.