A Helpful Guide On Recovering Payments & Maintaining Membership Renewals
Posted on November 11, 2022 by Membership Space
Marketers know that getting everyone to pay for their products and services is the toughest challenge. That’s why getting people on a payment plan is critical before they forget or cancel. Most membership websites indicate that if members sign up with a recurring billing program, you can provide them with more ways of paying and be likely to boost conversions. With the following tips, you just might be able to recover some of your payments and maintain member renewals.
Understand How To Contact Consumers
Even if you have a credit card on file, you should never assume the consumer knows what their next step is or that they even think about your product or service. Under most consumer laws, you must confirm that consumers know how to contact you on membership websites; some states require written notices to be provided. The easier it is for them to pay and recover payments, the more likely it will be for your organization to keep members.
Understand Your State’s Laws
Obviously, it’s wise to know your state’s laws when it comes to debt collection laws and regulations. It might be more than a matter of your finances; if you go into debt with a vendor, the vendor may attempt to collect that debt from you later on. Owing merchants can even impact credit scores so make sure you know the state laws before trying to collect debt from consumers.
Make Renewal Dates Flexible
If you have members who have an issue with their payment on a specific date, you may want to consider offering a flexible renewal date for their convenience. For example, if members are planning to be out of town on the notice date but would like to make an early payment, you could offer a flexible payment deadline that allows members to pay before they leave. That will eliminate any problems with payments and ensure that all your members are up-to-date on their dues.
In this era, all organizations need to know how to recover payments and maintain membership renewals. Often, consumers don’t realize that monthly or annual commitments will automatically go into effect until they receive a receipt. For this reason, you need to provide all relevant information in an easy-to-ready manner on invoices and statements so your consumers won’t be caught off guard when they see an impending charge.