Automate Payment Reminder Generation and Delivery

Introduction

It is estimated that around 20% of all the invoices across the globe are paid late. That means, some invoices require follow-up as per payment terms detailed in the contract. Hence, businesses use payment reminder letters to deal with these overdue payments. Creating and sending payment reminders manually to 1/5^th of your customers drains your resources if you’ve hundreds of customers.

One of the ways to deal with it is, you can set up an automated payment reminder email sequence for all the defaulted customers. But the email would have very little personalization, and there is every chance that customers ignore them.

The more information regarding a client’s order/invoice you provide in your letters, the more likely they will pay the invoice. Thus, it is important to include the important invoice details in your payment reminder. This will also help the client to see all the important details, without having to search for the corresponding original invoice.

Using a payment reminder letter generator, business owners can automate the creation and delivery of a large number of personalized late payment reminder letters.

Payment Reminder Automation

EDocGen automates the generation and delivery of payment reminders from your existing Word or PDF template.

Step1- Add tags to your template:

The payment reminder should be polite yet firm. Thus, it’s better to use a good template so that it looks polished.

If you already have a template, add dynamic tags to it as shown in the example below. It has dynamic text, table, and conditions.

Text tags: The dynamic text fields are tagged with { } Ex: {Letter_Date}, {Name}

Table tags: {#tableid}{/tableid} is the tag for the dynamic table. Notice the tags {#IReport} {/IReport} for the IReport table with table columns

Conditional statements: As you can see, the address has multiple conditions including nested conditions. It shows the correct address format, whether address2 and address3 are present or not.

Step2- Data Population for Bulk Generation: After uploading the template into the system, it’s time to populate the dynamic fields. Populate template with Excel /JSON/ XML data to generate multiple payment reminder letters.

The following Excel generates two payment reminder letters for companies ABC & DEF.

Step3 - Email the Letters: If your Excel has the Email column, the system automatically delivers the respective payment reminder to the company’s contact.

If you want to auto-send these emails from your business email (Custom sender email), you can set them up in the system.

Conclusion

There’s a good chance that your customers pay up the invoice amount after receiving this communication. If the customer pays you after the reminder, it's a good practice to send a payment receipt. If not, you can repeat the process with different formats, progressively escalating, for overdue invoices.

Even after repeated reminders, if you don’t get paid, you send a demand letter, for legal actions. You can use EDocGen for sending that as well.