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Past Due Invoices: What To Do? What’s The Best Practice?
Invoices. Subscriptions. Payments Plans.
They all seem to be the same when you’re waiting for those late payments from your customers.
Ok, let me describe the situation at hand.
You have these automatic payments set with your customers.
You probably have a subscription plan, payment plans or invoice that you set up when clients sign up with you.
You mostly take credit cards to autocharge them.
Then one day, payments fail.
What do you do?
First of all, you should’ve set up a system a long time ago for when these things happen.
You did, right?
Let’s make sure you got all bases covered.
It’s important you get a platform that lets you identify accounts with failed payments quickly. It should also have the ability to send out notifications to whoever deals with accounts receivables in your company.
On top of that, a platform that can automatically email contacts/users with failed payments would be great too so you don’t have to do it manually.
In our company, we use Infusionsoft and AccessAlly. With either of the two, we have the ability to send out reminders to people who’s cards failed. We can also tag users with failed payment tags to easily find people if we need to.
Best practice would be to put people with past due payments in a campaign that will remind them every x number of days until they pay.
If this is not possible with your platform, it can of course be done manually just know that you’ll need a human to do it for you. Yah?
Other than that, there are many payment processors/gateways out there now that have this built-in. So make sure you know the capability of your processor.
For the next post, I’ll be talking about migrating your e-commerce platform. Should you or should you not?
Stay tuned and see!
Questions about this topic? Comment here.
Are you still confused about how to do it?
Be on top of your payment invoices, here’s a checklist to show you a step-by-step process to help you navigate your payment collection!
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