What is a business without money? No business can survive without a good cash flow. Since the customers are the main source of income for a business, they must always pay. There are several reasons why customers don’t pay after purchasing your products or services. It can be that they don’t know the exact price for your service or product. It can also be that they forget to make payment. It can also be that they are related to you and want preferential treatment, among others. The reasons, however mundane, can be very detrimental to the growth of your business.
To ensure your customer always pays, here are some of things that can help.
Display the Price Visibly
State the price of your product or service clearly. It should be visible on paid ads and in your online store. Also state the terms and methods of payment, so that there is no confusion when a customer wants to pay. Avoid telling customers to come to your inbox to know the price; this will give room for a lot of problems later. It is also a subtle way of marketing your brand. Once a customer sees that your product is cheaper and within their budget, he or she is likely to buy it.
This is another sure way to get your customer to pay. Collecting part payment before delivering your product or service will ensure that your customers pay the rest after delivery. In any event that your customer doesn’t pay, you will still have some money. Make sure that your customers know about the part payment as early as possible.
Reward Early Birds
Offer discounts for early payment. Deals like “10% for the first 20 people to pay” or “Get an extra gown for the first 10 people to pay” will entice your customers to pay quickly. Once in a while, try to reward your customers. Organize competitions, do giveaways, and give discounts. You can also reward loyal customers for sticking with you with special treats and discounts. This will ensure their loyalty and boost confidence in your brand.
Talk to your Customers
Try to relate with your customers on a personal level. Send them emails; let them know of your promos and your discounts. Interact with them so that you can identify when they missed a payment and be able to notify them about it. Keep a record of their information and their payment history so you can understand the type of customers you have.
Strict Payment Policy
Stick to your payment policy. If you prefer payment on delivery service, let your customers know and stick to that. If you prefer payment before delivery, let your buyers know. Don’t alternate between the two. Let your customers know how you preferred to be paid.
Always reply your messages quickly. This will help find out if a customer is having difficulty paying due to one problem on the other. You can set an automated response or keep your accounts open, in case of emergencies. By responding, you can also find out which payment method is not working for you. Another advantage of responding promptly is that it strengthened the bond between you and your customers hereby making payment smooth and stress-free.
Read our article on how to make your audience find you here
These methods will ensure your customers pay as when due. The sole aim of starting a business is to make money. Ensure you put the right structures in place so that your buyers don’t have issues when they want to pay. Have a good payment structure, talk to customers and reward them from time to time. Paying customers make the company grow.