The billing secret: Consumers like to pay on time
Late or missed payments are terrible for business. Chasing payments, dealing with debt disputes and managing dented cashflow cost time and money.
You’d think that any organisation – from small businesses, to enterprises, to government authorities – would move heaven and earth to get paid on time.
Yet they rarely do.
From a consumer’s point of view, the process of receiving bills and invoices from organisations, making payments to them, and accessing transaction documentation tends to be mired in slow, manual and time-consuming processes.
Little is done to shine a light on the black hole of time between an invoice being received and due date.
The end result is predictable. Some consumers forget to pay. Others can’t summon up the motivation to trawl through old invoices in their email inbox, or to find the letters posted through their doors weeks ago.
Many just won’t feel up to taking on the detective work required to check whether the invoice is actually correct, or to work out how they make a payment.
So procrastination and avoidance ensues. Invoices go unpaid and businesses suffer.
It’s easy for accounts departments to imagine most customers simply don’t want to pay or can’t be bothered.
But that’s just not true in many circumstances.
In fact, we have the evidence to prove it.
Let us tell you a secret about your customers
Your customers want to pay you on time.
Organisations that make it easy for consumers to access transaction information and pay them see:
- 20% of customers sign-up to pay bills on the day they receive them (rather than when they’re due).
- A 30% increase in revenue collected in the first 10 days after bill issue.
- A reduction in days outstanding per customer – from 25 to 9.
We can exclusively reveal this very specific data because it is generated by consumers that handle their billing via the Payreq platform.
Payreq removes the billing, payments and information-access headache your customers have experienced with so many companies over so many years.
This is a new breed of platform that provides a secure-by-design, private space in which you and your customers can interact and transact.
Companies across the world that have made the simple switch to Payreq are seeing incredible customer behaviours and business outcomes.
Meanwhile, they are sidestepping security threats and removing any doubt — from them or their customers — about whether bills have been received. Their teams know exactly when a customer has accessed a payment request. And transactions have become easier for them to track, measure and analyse.
By bringing all billing and payment interactions into a single platform, they have freed their teams from repetitive and costly admin tasks.
This is big. And the great news is that it couldn’t be easier for your business to do the same. To find out more, check out our guide, A new future for billing and payments.