{"id":2575,"date":"2020-02-06T12:02:06","date_gmt":"2020-02-06T06:32:06","guid":{"rendered":"https:\/\/rzpwp.blog\/?p=2575"},"modified":"2024-10-14T11:39:25","modified_gmt":"2024-10-14T06:09:25","slug":"automate-payment-reminders","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/automate-payment-reminders\/","title":{"rendered":"Now Collect Payments Faster with Payment Links Reminders"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Here\u2019s an interesting fact: More than <\/span><span style=\"font-weight: 400;\">40% of the B2B sales<\/span><span style=\"font-weight: 400;\"> made in India are given on credit! This has been the nature of business in India for a very long time. And it\u2019s not changing anytime soon. The relative or absolute pain of chasing after payments is immense. Almost every business, big or small,\u00a0 endures this ordeal almost every day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If it is one thing to close a deal with the ambivalent Indian customer, it is quite another to collect payments from him or her. It often happens that a customer or client leaves the business hanging with unrequited payment requests.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/payment-links\/\" target=\"_blank\" rel=\"noopener noreferrer\">Razorpay Payment Links<\/a> has been one of our earnest endeavours in trying to solve this problem. Instant links to collect payments instantly! In the last one year, we have seen a tremendous growth of our product with more than 1 crore payment links being created.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this makes us feel proud about being able to help the smallest of businesses to the mightiest of banks collect hassle-free payments without any coding in a matter of minutes, we also know that getting payments on these links is certainly one of the most daunting challenges for them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical ordeal for an <a href=\"https:\/\/razorpay.com\/learn\/new-msme-definition-turnover-2020\/\">MSME<\/a> goes like this.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Day 0<\/strong> &#8211; \u201cHello ma\u2019am, we are so happy you want to buy our service, let me send out a payment link to you right now..\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Link sent\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Day 1<\/strong> &#8211; \u201cHi, I hope you liked our service. Just wanted to check if you are having any difficulties in finding the payment link? Please let me know.\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Few days later\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Day 5<\/strong> &#8211; \u201cHello ma\u2019am, for the service you had used last Friday, we still haven\u2019t received the payment. I have resent the link to you\u201c<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Business resends the payment link\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Day 6<\/strong> &#8211; \u201cMa\u2019am, payment is still pending\u201d. To this, the customer says, \u201cCan I pay you by an account transfer or UPI?\u201d The businessman replies, \u201cOf course, you can open the link and do so. I will also send you the account details and <a href=\"https:\/\/razorpay.com\/learn\/what-is-upi-id\/\">UPI ID<\/a> additionally.\u201d<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The customer finds it difficult to find the link and sends the money via account transfer<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The business spends half a day in carrying out the <a href=\"https:\/\/razorpay.com\/blog\/what-is-payment-reconciliation\/\">payment reconciliation<\/a>, using the <a href=\"https:\/\/razorpay.com\/learn\/what-is-utr-number\/\">UTR<\/a> of the transfer and again calls up to confirm with the customer<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is probably a softer version of what really happens. It is not unheard of for businesses to even send someone over to collect the payment in cash. While some of this is problematic owing to structural and possibly, cultural underpinnings, there is still a window of opportunity for us to deliver more value to our merchants.<\/span><\/p>\n<h2><b>Introducing reminders on Razorpay Payment Links<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Payment Links will now come with automated reminders, which are orchestrated by the system based on the payment status of the link. <\/span><span style=\"font-weight: 400;\">These automated reminders will help you do the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Increase the number of paid invoices and links<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Reduce cost and manual effort required to collect payments<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Reduce the number of days taken by your customer to make the payment<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can either <\/span><a href=\"https:\/\/lp.razorpay.com\/links\/payment-links-reminders\"><span style=\"font-weight: 400;\">schedule the payment reminders<\/span><\/a><span style=\"font-weight: 400;\"> based on the date of sending the payment link, or if you set an expiry to the payment link, you can have the reminders sent before the payment link expires. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u201cSchedule a reminder 1 day before expiry\u201d<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u201cSchedule a reminder the day after you send the link\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The reminders will be sent on SMS\/email or on both.\u00a0 The reminders will be sent at a time in the day based on our analysis of the payment patterns that we have noticed across a wide range of consumers and industries.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2580 size-large\" src=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/blog-content\/uploads\/2020\/02\/razorpay-payment-links-reminders-1024x740.png\" alt=\"setting of razorpay payment links reminders\" width=\"1024\" height=\"740\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/02\/razorpay-payment-links-reminders-1024x740.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/02\/razorpay-payment-links-reminders-300x217.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/02\/razorpay-payment-links-reminders-768x555.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/02\/razorpay-payment-links-reminders.png 1444w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Our merchants cited that automated reminders can complement the pursuit process in terms of the number of touchpoints through the collections process (SMSes were cited to have a better impact in this regard.) This can also be of help in nudging customers if they have been issued a link, which they haven\u2019t paid yet. A classic example would be where a customer has expressed interest to buy but hasn\u2019t crossed the threshold to go ahead and make the payment<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We already have over a few hundred merchants sending 100,000 reminders using this product, just through organic discovery in the early rollout phase. I would suggest you go ahead and take<\/span><span style=\"font-weight: 400;\"> a crack at it<\/span><span style=\"font-weight: 400;\"> as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, we can &#8230;get paid faster!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Don\u2019t use Razorpay Payment Links yet? Start collecting payments without a website or app today!<\/span><\/p>\n<p><em>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Also read: <\/em><a href=\"https:\/\/razorpay.com\/blog\/collect-payments-faster-with-payment-links\/\">Collect Payments faster with the all New powerful Payment Links<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you tired of reminding customers to pay on time? Why do it manually when Razorpay can do it smartly for you!<\/p>\n","protected":false},"author":41,"featured_media":2577,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[112],"class_list":{"0":"post-2575","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payments","8":"tag-payment-links"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=2575"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2575\/revisions"}],"predecessor-version":[{"id":18605,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/2575\/revisions\/18605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/2577"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=2575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=2575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=2575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}