You might wonder why a marketing and technology company like NuMedia Marketing would be able to share tips on how to improve your accounts receivable processes and help you get paid faster, but really there is no big mystery here – just some really good information. Honest.
From the marketing perspective, we can offer you some suggestions that will help:
- Think about the colors you use.Color plays a big role in many different aspects of life. Think about paint, for instance. Designers will tell you that green is calming, yellow is energizing, and red raises the blood pressure and increases appetite. Given that information, you can make decisions about what you want for the rooms in your office or home. The same idea plays out in marketing, too. Colors for logos, print, and even backgrounds can play determine how some of your clients approach you and your business. For instance:
- Blue is associated with trustworthiness
- Turquoise has become attention getting – use it for “SECOND NOTICE” (note to not use RED!)
- Purple is a color that women like and darker shades, such as violet, say competence and firmness
- Include INVOICE on the envelope or email subject line. Clarity prevents an envelope or email from being sent to trash without even being opened – and that can prevent delays in your getting paid. Putting a distinct due date – not ‘due in 30 days’ – on the invoice. Otherwise, it can be relegated to the bottom of the stack. When the deadline is specific and clear, payments are more apt to be sent on time.
- Get personal.Put a picture of yourself on the invoice. That way your customer, or their Accounts Payable person, will be more compelled to pay the invoice because it seems more like they are paying a person, not just a company. Go the extra step and use “please” and “thank you” in your text, just like you would for a friend.
Improve invoice payment options with technology
Let’s talk about the technology side of the equation – and you might be a tad surprised about this as well as some of the above suggestions. If you hear “e-commerce” in connection with a website, you probably think about an online store. That’s reasonable. But what you might not think about is having an e-commerce element to enable your customers to pay their invoices right on your website – even when you don’t have a retail element to your business.
Think of it in this light: Do you pay your:
- electric,
- gas,
- phone,
- internet provider or
- credit cards
on line through their websites? Your customers could pay you the very same way – right through your website. The convenience you appreciate could be the convenience they appreciate, too.
There are a variety of platforms or tools available, so it is possible to find one that fits your needs – and fits right in with how your clients pay you. We can help you add a payment portal to your website to help you get paid faster and easier. Just like you probably do when you pay your bills, your customers would be able to make payments in the wee hours of the morning and use the payment portal 24/7, 365 days a year.
Technology is a tool that can make it easier to run your business, and here at NuMedia Marketing we have the experience and knowledge to help you find the platforms and tools that are best for your business. Give us a call at 317-563-7235 to learn more about ecommerce options for your website.
