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Overdue payment reminder letter for small businesses

a 2021 Insider study reports that the taboo around money is still very real in today's society ing to the findings only 41 of friends will discuss finances with each other many of us grew up learning that talking about how much someone else makes or spends is invasive and rude so that's why even though making a payment for services provided seems like a logical next step to you as the collector that might be the last thing someone with an overdue balance wants to hear people can easily equate their value as a person to what they are able to afford so it can quickly become personal then how do you ask someone to pay an outstanding bill without sounding insensitive hi everyone I'm Maria from etactics and today I'm going to talk to you about how to ask for overdue payments through email before we get started make sure that you subscribe to our YouTube channel by clicking the button below also hit that alert Bell icon so that when we post new helpful content you get notified [Music] foreign there are many reasons why payments may run overdue the patient could simply forget to make a payment on time or maybe be facing Financial struggles sometimes clients may have just lost or misplaced the original invoice these different scenarios are why it's important to learn how to ask for a payment so let's start with a few of the basics keep your message direct but friendly with only the facts and try not to let too much time pass before sending your overdue invoice message neglecting both of these can reduce the likelihood of getting paid it's good practice to politely request payment the day after it's due when the invoice is still fresh in the client's mind this way your next request if you have to send another one doesn't seem to come out of nowhere consider sending the second request a week after a payment is due then another two weeks later then a month and so on ing to opt-in monster 99 of people check their email every day so it makes sense that email is one of the more popular forms of communication businesses use follow up with clients it's also why I'll be focusing on it for this video when sending an overdue payment email first and foremost make sure to include a direct subject line this helps the email stand out in a sea of spam and lets the client know what the email is about before they even open it you could title it invoice payment overdue and include the invoice number for example including a link to the original invoice that is overdue also helps to remind the patient of their financial responsibility to paying that balance having the services that were provided and the original amount due along with the past due date solidifies why you are reaching out in the first place it's not to be annoying or bothersome it's just business make sure to include your payment terms as well which you should include in your original invoice too this will reiterate not only those terms but remind the patient of the accepted payment methods of your practice and your late fees make sure to also include the provider information website address and phone number for patient questions I'll just go ahead and add that also please and thank you go a really long way so we know being polite makes a difference in settling overdue payment balances you catch more flies with honey than vinegar after all but that's only one piece of the puzzle to better serve your clients and continue growing your Revenue investing in tools like revenue cycle management software can help you keep track of and collect payments Faster by providing the customer with precise records of services given and multiple types of pay payment options among other Solutions you can cut down on your amount of overdue payments if you'd like to learn more about asking for overdue payments reach out to etactics and you already made it this far into the video so you might as well like it share it and comment below