Are Late Paying Customers Causing You Grief?
Your business is struggling with a great deal of expenses right now. First and foremost, it’s trying to make up for lost profits due to customers who are trading in their traditional content delivery packages for over-the-top services. On top of this, your business is pumping an increasing amount of money into its network in order to offer the fastest broadband delivery speeds possible.
The truth is that it’s not cheap, or easy to run a network these days. And it doesn’t help when customers fail to meet their end of the bargain for the premium services you provide by falling behind on their monthly payments.
It’s an issue that is proving to be too much to handle for some providers, like one small Canadian-based cable provider that recently resorted to shaming its customers on Facebook. The provider went to the extreme of posting its delinquent customers’ names for all to see on its Facebook page.
The intention was twofold, as the company hoped to rally customers to make payments while also sending a warning to other customers who were falling behind on their payments. As you can imagine, however, the move didn’t work according to plan. It resulted in a great deal of public backlash and condemnation from customers across North America. So here at Great Lakes, we in way encourage your business to follow suit.
The business’s decision did, however, bring the important issue to light and begs the question: What can you do to get your customers to start making payments on time, in a way that is constructive and even customer-centric? Profiting is important, after all, but it can never come at the expense of alienating your subscribers. This could steer them in the direction of over-the-top content, and may cause them to stay there. So it’s a bit of a sensitive issue.
One solution is to streamline the payment process for your customers. Make it easier for them to pay their bills, and you’ll stand a much better chance of receiving monthly compensation on time (and reduce having to resort to alternative collection methods).
BroadHub from Great Lakes Data Systems (GLDS) is a complete, end-to-end, cloud-based customer management and billing platform designed to meet the needs of the 21st century cable provider. Using BroadHub, you can drastically improve the customer payment experience and even set up pre-paid cable packages. With this solution in place, customers’ cable will stop when their bills are not paid. BroadHub can also send friendly alerts to subscribers’ mobile devices, reminding them to make payments on time.
So don’t panic about late-paying customers. Instead, look into how BroadHub can help improve the payment process in your organization. Click here to learn more information.