Ways to reduce late customer payment

Updated: 25 July 2022

How good customer service helps you to get paid

Businesses, both large and small, rely on happy, satisfied customers. Providing a great customer experience isn’t just the right thing to do, it makes financial sense for your business.

Competing on price, product or service alone is simply no longer enough. Instead businesses should focus on strengthening and cementing customer relationships and delivering customer experience excellence, which in turn will encourage customers to pay promptly, limiting the impact of late payments.

Customers are the core of every business, and consistently delivering an excellent experience plays a major role in the success of your business and helps to improve your cashflow too. Simply put, if you don’t have the right customer service in place across multiple touchpoints, you’re limiting your growth and profit potential.

Find out more how invoice finance can help you avoid late payment issues.

The business benefits of excellent customer service

A key reason to aim for good customer service is the financial aspect of it. If your business takes the right steps to nourish customer success, you’ll enjoy more benefits:

  • Increased customer loyalty
  • Higher customer retention
  • Reduced churn
  • Invoices paid on time
  • Higher lifetime customer value
  • Greater brand equity
  • Reduced costs of service

How to provide a consistent and high-quality experience for customers

To deliver consistent customer experiences, it’s important to get right some of the fundamental aspects when it comes to building good relationships with your customers.

  • Understand what your customers consider to be good customer service
  • Take the time to find out customers' expectations
  • Follow up on both positive and negative feedback you receive
  • Ensure that customer service is across all aspects of your business
  • Continue to keep customers aware of what's in it for them to do business with you
  • Continuously look for ways to improve the level of customer service you deliver

In a marketplace where customers have many options available that all boast similar advantages, customer service can be the key differentiator in ensuring your business will thrive and your invoices are paid on time.