Revolutionize Your Payment Recovery with Automated Dunning
For businesses, the process of collecting overdue payments can be a time-consuming and often unpleasant task. But with Billycart, the solution to this problem has finally arrived in the form of automated dunning. Automated dunning is a collections automation process that uses technology to send automated overdue payment reminders to customers, helping businesses quickly and efficiently collect overdue payments.
Billycart's clever technology automates the recovery process without intervention from the business owner, giving you more time to grow your business rather than chasing payments. Billycart automatically communicates with your customers when a payment fails, as well as processing automatic re-tries without human intervention.
What is Automated Dunning?
Automated dunning refers to the process of automatically reminding customers to pay their overdue bills through emails or other communication channels. The goal of automated dunning is to minimize the amount of overdue payments and improve the efficiency and effectiveness of the collections process. Automated dunning processes typically include the ability to set up custom email templates, configure payment reminders, and track customer payment history.
Benefits of Automated Dunning
One of the primary benefits of automated dunning is the time and resource savings it provides. The process of sending payment reminders manually can be both time-consuming and error-prone. With automated dunning, businesses can save time and resources compared to manual collections efforts while also improving the customer experience.
In addition, automated dunning allows businesses to send timely, personalized reminders to customers. This can help improve the chances of collecting payments and avoid sending multiple reminders to the same customer. This is because automated dunning processes allow businesses to track customer payment history and configure payment reminders based on the customer's individual payment history.
How Automated Dunning Works
Automated dunning works by integrating with the business's payment system and automating the process of sending overdue payment reminders to customers. When a payment is overdue, the system automatically sends a reminder email to the customer, asking them to make a payment. The system will send additional reminders at predetermined intervals if the payment is still not received.
In addition to email reminders, automated dunning may also include the ability to send SMS reminders, or to call customers who have not responded to email reminders. This can help to improve the chances of collecting payments and avoid having to send multiple reminders to the same customer.
How does Billycart help businesses use automated dunning?
Billycart is an automated dunning program; even better, it is one of the lowest-cost automated dunning tools on the market. Billycart sends Smart Payment Agreements™ to your customers with the details of their recurring payment to your business. Then, if a payment happens to fail, the automated dunning process kicks in. To learn more about Billycart's technology, take a look at our How It Works Page.
Automated dunning is a powerful tool that can help businesses quickly and efficiently collect overdue payments. With its ability to send personalized, timely reminders to customers, businesses can improve the chances of collecting payments and avoid sending multiple reminders to the same customer. Additionally, automated dunning can help businesses save time and resources compared to manual collections efforts while improving the customer experience. So, if you want to streamline your payments recovery process, consider implementing Billycart to your business today. Sign up here.
February 8, 2023