Dinero makes financial management easier with SMS
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About Dinero
Dinero is a valuable partner to small businesses, enabling hassle-free financial management.
Dinero is a do-it-yourself accounting programme designed to help small businesses in Denmark keep track of key figures, accounts, bookkeeping, invoicing, payments, VAT, and the like.
Today, there are around 90,000 active users of the Dinero system, ranging from craftsmen to solo consultants and therapists.
Dinero makes everyday life easier for businesses with SMS
Dinero's platform is designed with one clear objective: to minimise the administrative burden of accounting and bookkeeping in small businesses so that business owners can focus on what they do best: running their business.
Dinero achieves this goal through smart technology and a user-friendly accounting system.
As part of their smart system, Dinero customers have the option to send invoices, payment reminders, and similar messages via SMS.
"We got SMS messaging up and running at the end of 2021, and my feeling is that it's definitely benefiting our customers. They find it easier and faster to collect payments, thereby improving their cash flow."
Theis Jørgensen, Chief Revenue Officer, Dinero
Sending invoices by SMS is smart for several reasons, but it's particularly effective because the SMS channel has an average open rate of 98%.
At the same time, an SMS is far more personal than an email, for example, so Dinero's customers can count on their invoices or reminders actually being read.
A desire to make users' work easier
Dinero's decision to implement SMS in their system in 2021 wasn't because they had direct problems to address themselves.
They had become aware that several of their users were spending a lot of time collecting missing payments. It was time that could be better invested elsewhere, and at the same time, non-payment can lead to financial difficulties in smaller businesses.
"SMS is a reliable and secure medium. Unlike email, you know that the SMS won't end up in a spam filter, and it's incredibly easy to get your message across."
Theis Jørgensen, Chief Revenue Officer, Dinero
Dinero went all in on finding a solution that would make it easier for users to secure payment quickly and easily. Because emails often drown in a crowded inbox, they were looking for another medium that couldn't be easily overlooked.
The answer was an SMS solution in the Dinero system via the inMobile API.
SMS makes payment faster and easier
Dinero's goal is to make it easier for entrepreneurs and small businesses in Denmark to manage their finances without expensive accountants and bookkeepers.
One of the most important tasks in this sense is to secure income, i.e. payment from customers. This has become much easier with the SMS function in Dinero.
The implementation of inMobile's SMS gateway means that Dinero users can choose whether they send an invoice by email only or also by SMS.
The user can also choose to send the invoice message as soon as a job is completed. The SMS contains a link to the customer's invoice, which can be paid on the spot and even from their mobile phone.
It eases the workload of many businesses and saves them time spent collecting payments.
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Should there still be problems with non-payment, Dinero users can send payment reminders and notices to their customers via SMS.
Example
You are a window cleaner and have just completed a job for a customer. Before you leave the customer, you log into your Dinero account and quickly create an invoice. You send the invoice to the customer via SMS.
In the message, the customer clicks on a link and pays with a swipe through MobilePay.
In less than 5 minutes, you've secured your payment for the work without the need to send payment reminders, late fees, and angry emails - and your customer is happy and satisfied. It's a good situation for everyone.
When customers receive a payment link, payment reminder, or similar message via SMS, it greatly increases the chance of the message being acted upon, in Dinero's experience.
As Nicolai Busk puts it: "It has become much more difficult to get people to respond to an email, and an SMS just has more of a sense of importance, like e-Boks or physical mail. It's more unique, and you create a feeling that there's something they need to react to when you send it by SMS."
A more attractive payment system
SMS helps make Dinero's user-friendly system even easier to use, while improving the overall user experience for both Dinero users and their customers.
Because the average SMS open rate is 98% and 90% of messages are opened within the first three minutes, you communicate very directly with your recipients. This helps businesses get money in the till faster.
But it's not just Dinero's customers who enjoy the benefits.
The SMS functionality has made Dinero's premium product more attractive, which means that more users are choosing to upgrade from the free solution to the paid premium solution.
"Ultimately, this SMS feature means that more of our free users convert to our paid premium version, because it's just so much easier to manage payment that way. It is our contribution to an easier everyday life for small businesses"
Nicolai Busk, Business Development and Partnership Manager, Dinero
Once Dinero users experience how fast and efficient it can be to process payments, they don't look back - and both Dinero and their customers' businesses grow as a result.
That's a win-win-win situation.
SMS is here to stay
With SMS, Dinero has made it easier for businesses to focus on their business rather than collecting unpaid bills, and they are always looking for new ways to optimise.
Today, SMS is an optional add-on to email when sending invoices. Going forward, however, they are planning to make SMS a stand-alone solution. This is thanks to positive feedback from Dinero users who use the SMS function.
Dinero is also considering using the SMS channel more actively to send business-critical service messages to users, for example.
There are many ideas on the drawing board, but no concrete plans yet. At Dinero, however, they have no doubt that SMS will remain an integral part of the business.
"We are really pleased with inMobile as a partner and SMS gateway. Their API is easy to work with and very stable, which is a crucial factor. Plus, they're super easy to get hold of and very reliable. If there's a problem, we can count on fast, friendly, and competent help. And of course, it doesn't hurt that the price is competitive"
Nicolai Busk, Business Development and Partnership Manager, Dinero
At inMobile, we are proud to work with an innovative company like Dinero, who doesn't just seek solutions to their own problems, but looks for every solution to their users' challenges.
We look forward to following the further development of their efficient finance system.