Automated debt collection considered less intrusive and annoying

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.

SOC 2 Report – Security, Availability, Processing Integrity, Confidentiality and Privacy.

What is an SOC 2 Report?
SOC or ‘Service Organization Control’ reports detail the security behind sensitive transactions, produced by the information holder to demonstrate their ability to keep data safe. People want to be able to trust their data holders with confidential information, and a cleanly audited SOC 2 report means companies and individuals can depend on their provider. Summarized by ssae16.org, SOC 2 reports are “designed for the growing number of technology and cloud computing entities that are becoming very common in the world of service organizations”.

There are five criteria of trust that comprise an SOC 2 report: Security, Availability, Processing Integrity, Confidentiality and Privacy.

SOC 1 covers the financial transactions a company makes, SOC 2 reports on the security behind those financial transactions and once in place a qualified and experienced Auditor signs off on the report and an SOC 3 is made available, which is a high level overview, keeping the processes disclosed in SOC 2 private.

Protecting your data is our mission. We’ve partnered with Plaid who work with 9600 banks including Wells Fargo, Citi, and Chase. Plaid complies with SOC 2 regulations, and regularly subject themselves to independent security tests. Plaid is known for its strong partnerships, best-in-class technological infrastructure, and commitment to making financial services simpler and more secure.

‘Am I Paid?’ does not store any sensitive data about your bank accounts, or transactions. We utilize Plaid to create masked account numbers – the dates, descriptions, and amounts are listed for your own records without exposing any other account details.

In summary, via SOC 2, using ‘Am I Paid?’, you can be sure that your data is safe and has been audited to prove that.

Actions speak louder than words – 7 reasons to ditch manual late payment checking

Getting paid is at the heart of every business, so the person responsible for checking this is key. People sometimes think checking the bank is easy, but try doing it every day, if not twice a day, now throw in multiple accounts to check, and looking for multiple payments. It requires time, patience, trust, accuracy, attention to detail and excellent memory, or further time to know who’s who and what was owed. If you’re pushed for time or trying to get paid quicker, a professional automation solution could be for you. Here are seven time-saving, pleasing features that might stop you thinking of logging into your bank as a four-letter word.

1. Spend Less Time Yawning at your Online Banking
Gone are the days of laboriously, repeatedly logging into your bank. Now you’ve got the power to free up your time, and be prompted to follow up for that money owed, right in the palm of your hand. Your smartphone will alert you if you have or haven’t got paid in just a few clicks — no more endless nights wasting time looking through bank logs matching payments, from now on you can relax knowing that job is done.

2. Create New Payers in Seconds!
Literally seconds. When we timed ourselves creating a new payer who owes you money, it took ten seconds. With automatic bank checking, every time you enter a new expected payment, their details will be stored in your account on the cloud and you can choose to set it as a recurring expected amount or a one-off. So you are not only saving time the first month, but every time into the future.

3. Promise is a Comfort to a Fool
“I’ll pay you next week”, how many times have you heard that? Great, they’ve made a promise but now your work load has increased. You need to wait a week (is that in 7 days time, this coming Monday, end of the week?), remember to check for the payment, log into your bank, see it’s inevitably not been paid, remind them…cycle repeats! Looking for the payment someone promised is time consuming, time you could be spending doing something more productive, like enjoying your weekend, so why not automate?

4. Don’t be a Curtain Twitcher
Checking your device is the modern equivalent of looking out the window every 5 minutes to see what’s going on in the street. How much of your life do you want to spend waiting for pages to load, fiddling to find passwords, finding somewhere to charge your device to see if that payment has hit? With automatic bank checking, you can forget about it until you are alerted.

5. Get Paid Faster
If you don’t ask you don’t get, it’s that simple. When a payment doesn’t hit, condition your payers to know that you’re ontop of expected payments and that late payments won’t be forgotten about. Hit them with an email, SMS or call, why not add warning of on a penalty and make them jump to it? ‘Am I Paid?’ is simple and safe, and a much faster way of getting you paid.

6. Chase Professionally
What’s the right tone to have in an email, when should you start making calls? We pack all that with templates and process suggestions putting you in control.

7. Better Debt Collection
With a cloud-based late payment checking solution, every expected bank payment can be tracked and stored. If you need to follow a set debt collection process, or simply get a quick overview of all your expected payments, automatic beats a manual process any day of the week.