POM : Payment Links To Improve The Efficiency Of Payment Reminders
POM is a Belgian company created 5 years ago. POM stands for Peace of Mind. They facilitate payment processes: payment links in SMS, invoices and payment reminders for charities, fines and many types of needs. They offer solutions for invoice administration, both for the receiver and the sender.
Challenge : speed up the payment process for the end user.
Previously, POM worked mainly with a QR code on paper, but at the request of a client, even more effective reminders were needed. They created a payment button embedded in an email to allow end users to instantly pay their bill online. The concern was that many invoices remained unpaid. The challenge was to find how to further reduce the number of unpaid invoices and speed up the payment process.
For a common customer, POM and RingRing therefore joined forces to integrate this payment link into an even more efficient channel: SMS. Indeed, with its 97% opening rate, SMS is more successful than email.
More money collected
Less cases sent to debt recovery
Payments made within 24 hours
Solution : implement the complete POM solution into an automated SMS.
How does it work?
1. As a company, you send us your files and we send it back via various channels : SMS, voice or mail. Once that we receive a billing file, we integrate directly the payment link in the SMS.
2. The customer pays easily : end-users click on the link to pay their outstanding invoice and choose their favourite payment method. There’s no pre-registration needed.
3. Analyse data directly on your dashboard, improve your ROI and find bad payers more easily.
Want to know more about payment reminders and how it can increase your ROI?
Result: Cost Savings and Satisfied customers.
The process has been in place for only a few months and the effectiveness of payment reminders has already been proven. Here are a few impacting figures:
- 15% growth per month of use.
- 20% less cases sent to debt recovery.
- 97% open rate SMS reminder within 3’
- 40% of payments are made within 24 hours.
- 50% of customers actually pay via this system
- 11% more money collected thanks to payment link
This is a significant saving of time and money for entreprises!
« RingRing was the ideal partner to do SMS with integrated link thanks to their flexibility and possibility to customise the products »