Post by asadul5585 on Feb 22, 2024 0:40:47 GMT -6
To manage your establishment's monthly fees in a simple and effective way, you must have a recurring payment system that also works as a subscription manager. This way, it will be possible to generate your charges automatically and also gather and manage all the information about your customers and payments received in one place, optimizing the finance team's work and, as a bonus, reducing the company's default rate. But, for you to fully understand how the process works and learn how to take care of this management effectively and in detail, we should explore the subject a little more, right? Continue reading! How does monthly fee management work? Monthly fee management is an internal business process, the responsibility of the organization's finance department, carried out by any business that offers a recurring product or service and receives a monthly payment for it. This management is characterized by the organization of collections and receipts from each customer through: client register; issuing and sending a bank slip or other means of payment; recording each payment in the company's cash flow; identification and monitoring of monthly fees that have already been paid and outstanding debts; It is issuance of Tax Invoice.
All this work can be done manually, however, it is recommended that it be done, preferably, automatically and recurrently. After all, when you have a generous number of customers, manual management can significantly consume the time of the person responsible for managing accounts payable and receivable and also leave room for errors. Have you ever thought about how embarrassing it can be to charge the same customer twice who has already made their payment on the right day?! 7 steps to manage monthly payments To Kuwait Mobile Number List manage your gym or school fees or your English course, you must start by asking your clients to fill out a registration form, which is important for controlling all receipts. Then, you must send billing reminders to your customers, record payments made and closely monitor everything that happens with the company's cash flow. Do not know where to start? So, check out a simple step-by-step guide below, designed to help you reduce errors and make room for the financial growth of your business. 1. Have a registration form for each customer You need an updated record to keep track of all personal and payment information for each consumer in your business, which is why this type of control is so important.
In this form, gather the following information: Updated personal data, such as name, CPF, date of birth, telephone number and address. Method of paying the monthly fee (bank slip, credit card, automatic debit, recurring billing). Bank details, if necessary. Date of contracting the service. Monthly payment due date. Payment history (paid debts, outstanding debts, etc.). This makes it simpler to charge each customer on the correct date, keep track of payments made and make additional charges if applicable. 2. Send frequent billing reminders In addition to having a list of each customer's main personal and payment information, it is also essential to send billing reminders before, during and after the monthly payment due date. This measure can prevent consumer default. In fact, according to a survey carried out by the National Confederation of Retail Managers (CNDL) and SPC Brasil (Credit Protection Service), more than 64 million people are in default in the country. It's a lot of people! Not to mention that four in ten adult Brazilians were negative in the last survey, carried out in September 2022. Avoid dealing with customers who are part of this statistic and remind them of the outstanding debts they have with your company.
All this work can be done manually, however, it is recommended that it be done, preferably, automatically and recurrently. After all, when you have a generous number of customers, manual management can significantly consume the time of the person responsible for managing accounts payable and receivable and also leave room for errors. Have you ever thought about how embarrassing it can be to charge the same customer twice who has already made their payment on the right day?! 7 steps to manage monthly payments To Kuwait Mobile Number List manage your gym or school fees or your English course, you must start by asking your clients to fill out a registration form, which is important for controlling all receipts. Then, you must send billing reminders to your customers, record payments made and closely monitor everything that happens with the company's cash flow. Do not know where to start? So, check out a simple step-by-step guide below, designed to help you reduce errors and make room for the financial growth of your business. 1. Have a registration form for each customer You need an updated record to keep track of all personal and payment information for each consumer in your business, which is why this type of control is so important.
In this form, gather the following information: Updated personal data, such as name, CPF, date of birth, telephone number and address. Method of paying the monthly fee (bank slip, credit card, automatic debit, recurring billing). Bank details, if necessary. Date of contracting the service. Monthly payment due date. Payment history (paid debts, outstanding debts, etc.). This makes it simpler to charge each customer on the correct date, keep track of payments made and make additional charges if applicable. 2. Send frequent billing reminders In addition to having a list of each customer's main personal and payment information, it is also essential to send billing reminders before, during and after the monthly payment due date. This measure can prevent consumer default. In fact, according to a survey carried out by the National Confederation of Retail Managers (CNDL) and SPC Brasil (Credit Protection Service), more than 64 million people are in default in the country. It's a lot of people! Not to mention that four in ten adult Brazilians were negative in the last survey, carried out in September 2022. Avoid dealing with customers who are part of this statistic and remind them of the outstanding debts they have with your company.