Here at ‘Am I Paid?’ we have seen a lot of different templates being used to remind of unpaid debt, and we are in a privileged position to be able to correlate that with thank you messages to see what type of messages being sent works best.

Every business is different, and we encourage you to use A/B analysis to fine tune what works best for your business, more on that below, however it’s important to note that we do not analyse bank account data, only the messages that have been sent to maintain our privacy standards, and to meet clients expectations of not looking at private data, infact all bank data is encrypted so even if we wanted to analyse it, we couldn’t.

Automated debt collection works best

From our analysis of what results in the best collection of debt, it is clear letting it be known that messages are automated distances yourself from the collection process, so you can maintain potential future business with the customer and results in more debt being collected ongoing.

Automating allows you to remain detached from the situation, it avoids confrontation and results in less futue delinquent payments. When someone knows that you have a robust system in place for monitoring debt and taking appropriate action, this results in less future debt.

Create a sense of urgency

By adding an automated cut off date, which can be a date when any action will occur if they don’t pay, e.g. cut-off future business with them, take court action, contact an industry trade group or making their non-payment public. It is particularly effective to say that you will terminate their ongoing service if the debtor relies on the service you provide, e.g. rent, server hosting, email, utilities, etc.

Other top tips:

• Add a route for them to contact you to discuss if they can’t pay.
• Link to a page where they can download invoices.
• Let them know how and make it easy to pay.
• Can you create a win-win situation? Consider giving a discount or bonus for consistent payment.
• Stay compliant by keeping to contract terms, debt collection legislation and not making false promises that may harm the chances of debt collection.

A/B Analysis

A/B analysis sets a process where trial and error fine tunes historical performance to make a more positive outcome. By continuously trialing new content and discarding the results that performed worst, and shortlisting those that perform best you end up with a list of useful tactics that have performed for you in the past.

1. First Reminder

Dear [name], ‘Am I Paid?’, our automatic bank checking system has not yet detected your payment for [amount] that was expected [date]. Pay / Invoice / Contact Us: [link to payment / invoices / contact]

2. Second Reminder

Dear [name], our automated bank checking tool www.amipaid.com has still not detected your payment. Your access will be automatically terminated / court action will begin on [date]. Pay / Invoice / Contact Us: [link to payment / invoices / contact]

3. Final Reminder

Dear [name], this is an automated message from ‘Am I Paid?’ to let you know that despite our previous reminders your payment has not been detected. We regret to inform you that action will begin [date]. Pay / Invoice / Contact Us: [link to payment / invoices / contact]

Of course, unlike email, with SMS via delivery reports you will be able to check that messages have been delivered.

If all else fails…

If your debt collection process isn’t working you may want to reconsider getting paid upfront, increasing your deposit amounts or using the services of a debt collection agency.

About us:

‘Am I Paid?’ (www.amipaid.com) automates alerts when the payments you are expecting are paid or when it is not paid into your bank account. Using advanced AI payment detection, which securely links directly with your bank account, the need for manual, time-consuming bank reconciliation is removed and makes it easier to maintain consistent communication, send invoices quickly and provide fast follow-up.

Media Contact
Company Name: Am I Paid
Contact Person: Tiffany Verna
Email: Send Email
Phone: 1-844-896-0207
Country: United States
Website: https://amipaid.com/