Sending payment reminders is a simple, cost-efficient way to help consumers stay on top of their payment obligations and deadlines. Regular communication can significantly increase the likelihood of timely payments, as it keeps the payment top-of-mind for the consumer.
For consumers who have agreed to a payment plan, reminders are crucial to ensure they adhere to the agreed schedule. This way consumers avoid additional fees or actions due to non-compliance.
Sample Payment Reminders
Here are a few scenarios where sending payment reminders can be beneficial and examples of text you can use to customize your reminders.
A payment plan due date is approaching
Reminding the consumer of an upcoming due date can prevent them from falling behind in their payment arrangement.
I hope this email finds you well. As part of our commitment to keep you informed, we are reminding you of your upcoming payment under your agreed payment plan.
Please ensure that the payment of $125 is made by the due date to maintain the terms of your payment agreement. You can make your payment via our online portal, direct bank transfer, over the phone, or by mailing a check to our payment processing center.
If you have already made this payment, please disregard this reminder. If you have any questions or require assistance regarding your payment or payment plan, feel free to contact our customer service team. We are here to assist you.
Thank you for your attention to this matter and for your continued cooperation.
Payment due today
Emailing a reminder on the payment due date can nudge the consumer if they haven’t made a payment by a certain time. If you have details about the consumer’s typical payment timing, you can further personalize your messaging.
We are writing to remind you that your monthly payment of $125 is due today.
If you’ve already made this payment, please disregard this message. However, if you haven’t completed payment yet, we kindly ask that you do so immediately to avoid any potential late fees or negative effects on your account status. You can make your payment today through our online portal, by phone, or via bank transfer.
If you’ve having trouble making your payment or need to discuss payment options, please contact our office by 8PM EST.
Upcoming scheduled payment
Remind consumers of their scheduled payment a few days in advance so they’re not caught off guard.
We are writing to remind you that your next payment is scheduled to be processed soon.
Payment Details:
Scheduled Payment Date: 6/20/24
Amount: $125
Account Number: XXX1234
Please ensure there are sufficient funds available in your account to avoid any payment processing issues. If you’ve recently changed your bank or card details or wish to update your payment method, please login to update your payment information before the scheduled payment date.
Your timely payments contribute towards settling your account balance. If you have any questions or need further assistance, please contact us during normal business hours.
Payment a few days past due
If the consumer misses a payment, a past due reminders can help them get back on track.
We have not received your payment of $125 which was due on 5/15/24.
We understand that circumstances can arise which may affect your timely payment, and we are here to help. Please contact us at your earliest convenience so we can discuss your payment options or set up a payment plan that suits your financial situation.
It is important to address this matter promptly to avoid any additional fees or impacts on your credit score.
You can make a payment via our website, bank draft, over the phone, or by mail. For any questions or to discuss your payment options, please do not hesitate to call or email us.
Thank you for your attention to this matter. We look forward to resolving this promptly.
Sending Effective Payment Reminders
Payment reminders offer a way for consumers to stay on top of their debt obligations and maintain their financial health while also helping firms maintain consistent revenue and cash flow.
Here are some tips for sending effective payment reminders to consumers.
- Get the timing right. You want reminders to arrive early enough that consumers can take action if needed, but not so early that the consumer forgets. Consider Reg F timing, for scheduled payments especially. The timeframe must exclude weekends and holidays.
- Automate where possible. This saves you hours of time manually sending reminders and ensures they’re sent on time. Keeping track of payment due dates and late payments is a tedious and time-consuming process. Use a system that allows you to enter or upload due date information and automatically sends reminders.
- Write a clear subject line if you’re sending email reminders. This prompts the consumer on the urgency of the email and encourages them to open it. Something simple like “Reminder of upcoming payment” or “Payment reminder”.
- Keep it friendly, but professional. Include a polite introduction. Something as simple as “Hello” or greeting the consumer by name will suffice. Avoid exclamation points and emojis so the consumer knows to take you seriously and doesn’t mistake your message for a scam.
- Share payment details, including the amount and due date. Include a link or QR code to your payment portal to make it easier for consumers to login and make a payment. Be sure to comply with relevant laws.
- Send confirmation. Follow up with a thank you message letting the consumer know their payment was received. Include the amount and payment method.
- Don’t overdo it. You might be tempted to send more reminders, since they’re automated and inexpensive. However, this can be frustrating and annoying to consumers and damaging to your reputation. Sending reminders too frequently could also violate Reg F’s contact rules.
Sending payment reminders can prevent late, missed, and returned payments. It’s a small task, but has a significant impact on keeping accounts on track toward successful resolution.
