The pandemic caused a paradigm shift in work habits. Many companies were forced to close their offices and ask their employees to work remotely. If you wanted to reach customers easily you needed to rely on email and automated accounts receivable solutions. Customers want the flexibility to communicate, and access and use data from wherever they need to be and whenever it suits them.
The solution to fit this new work environment and create a customer experience that meets their needs 24/7 is self-service. A self-serve customer portal can optimize customer experience with many of the touch points on the journey through your AR processes.
Here are some examples of how self-service can be used to design an optimal customer experience.
Providing a portal to access billing information gives customers the flexibility to work on billing when they want and from wherever they are. Customers can easily check account information, due dates, and invoice details. They don’t have to search files for invoices, and they can obtain copies of invoices and statements if needed.
When they are done reviewing billing information customers can initiate payment while they are in the portal. This saves time by avoiding the need to log on again at a later date to make payment.
Eliminating manual billing and providing a portal for access and payment also saves customers the time and cost of processing bills, filing and cutting and mailing checks.
Keeping customer master data up to date is essential to promoting smooth, error-free transactions and optimizing customer experience. The best way to keep profile management current is to provide a self-service portal for customers to update their own master data. Customers know when important information has changed and needs to be updated. They can proactively manage their profiles to avoid the errors that can result from stale information.
Disputes and the way they are resolved can greatly affect customer experience with the journey through your AR processes. With a self-service portal customers can report disputes on a timely basis rather than providing information after they have deducted from a payment. A self-serve portal also helps to facilitate the communication necessary to promptly resolve disputes.
Automated AR solutions including a self-serve portal can help to optimize customer experience with the journey through your AR processes.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can benefit from AR automation, and improve cash flow 31% or more take our AR Automation Product Tour.