When setting up invoices for your members, follow these best practices to increase your organization's collection rate:
- Name your charges intuitively: When creating your invoice and naming your charge, be mindful of your audience. Often, parents will receive their student's invoice. Name charges appropriately and concisely (Fall 2023 Parlor Fee; Monthly Chapter Dues; New Member Initiation Fee) to help avoid confusion.
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Assign your charges to the appropriate deposit account: When creating your invoices, consider which account your funds for each payment should be deposited into. For example if you charge a member for their formal ticket, payments can be deposited directly into a Treasury account designated for your formal chair to use. See How to Fund Treasury Accounts with Member Invoices (Video) for instructions.
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Utilize late fees to encourage timely payment: Late fees help encourage timely payment from your members. Groups who use late fees have a higher overall collection rate than those who do not.
- Use Member Groups to quickly build out invoices for members receiving like charges: Member groups help organize your members into segments. Each segment can be easily used to assign like charges to the members within in the groups. Some examples of Member Groups you may choose to employ includes New Members, Initiate Members, In House, or Out of House members.