Get Paid More (by Text Message)
With an open rate of 98% and a response rate of 45%, texting is a lot more effective than collections calls or emails. That means you're a lot more likely to get paid.
Internet searches on how to implement text message marketing have increased by 600% since 2018. So it’s not surprising that more small businesses are using text messaging to keep in touch with customers and promote sales, deals, and events. But it’s also becoming a popular way to accept payments. It’s inexpensive and easy to use. And since customers are more likely to open text messages than emails and SMS messaging allows them to pay directly from their phone, your chances of collecting outstanding invoices are greatly improved.
With an open rate of 98% and a response rate of 45%, texting is a lot more effective than calls or emails.
There are lots of text messaging tools to choose from and many are less expensive than you might think. Some are as cheap as $25 a month or just a few cents per text. Dollar for dollar it could be the cheapest form of collecting payments from customers.
Be sure your collections texts include the payment due date and your phone number.
“Many customers indicate a preference for texting over phone calls. If your target market is familiar with and prefers texting, it could give you an edge over businesses that they have to call to place orders, book appointments, or make payments,” according to CardFellows.
The best part is that it’s easy to manage and can be adopted even by low-tech teams. If you’re ready to give it a try, here are five text to pay services for small businesses you can consider.
Before you get started check out these suggestions on how to word your texts to increase the chances of getting paid. Don’t forget to include payment due date and your phone number in case customers have questions.