To do this you will need to setup, MsgOwl SMS gateway credentials in Settings > Business Settings > SMS Settings. The guide to SMS credential setup is provided there.
Step 1- Once Setup You can go to Notification Templates
Step 2- Scroll Down to Customer Notifications:
Step 3- Click Monthly Payment Link Tab
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You can leave the SMS body as it is or use the tags provided to build your own style SMS body for monthly SMS
Here are tags for your reference
{contact_name} - Customer Name
{invoice_count} - No of due invoices
{total_due_amount} - Total due of all invoices
{payment_link} - Payment Link
{business_name} - Your business name
Step 4- Then Tick Auto Send SMS , Select Which day of month to send SMS and time.
Note: if you choose 31st or 30th, and month has only 28 days, etc then it will send on last day of the month
Step 4- Click Save