Automating your payment reminders via text and/or email through a platform will hold you and your customers accountable and decrease delinquencies. Collections staff will no longer have the burden of remembering to call and remind every customer. Instead, use a platform, such as Carpay, that provides a payment reminder service. It will take the manual work out of collections and send reminders based on payment schedule. Your customer will no longer think you forgot that they owe a payment because the automation will hold them accountable.

2. Reward Customers for Setting up Autopay 

Some customers may be hesitant to set up autopay but if you encourage them by rewarding those who do, it will be more appealing. Rewarding customers can mean lowering the convenience fee paid if they’re on autopay or removing it altogether. Promoting this reward at time of sale will motivate them to enroll right away. Most customers won’t want to pay extra if they don’t have to.

3. Provide Different Payment Method Options

Options and convenience are key if you want your customers to pay early or on time. Your customers are busy just like you. Go farther than just offering for them to make payments at the dealership’s location. Providing options such as online payment, mobile app or IVR phone payment will allow them to choose what is most convenient for them, encouraging them to pay on time.

4. Give Them Easy Access to Payment Schedule

Giving your customers the ability to easily access their payment schedule plus past and future payments will help them manage their money. They will be able to better plan and create the consistency needed to continuously pay on time. Additionally, working with your customers from the beginning to figure out a payment schedule that works for them and keeping that payment schedule strict can increase on time payments. 

Click here to learn more about how to decrease delinquencies through personalizing the collections process.