There are barriers that can keep customers from making timely payments and reduce your cash flow. It is important to identify and eliminate these barriers as much as possible so you can reach your collection goals. Once you have eliminated payment barriers it will be much easier to identify true collection problems so your team can focus on priority accounts and increase cash flow.
Providing customers with a self-service portal can help to eliminate a number of barriers to payment. The power of self-service eliminates barriers by making it easier to pay in a number of ways.
Self-Service Payments
Many companies are struggling in the new normal. In these cases it is better to get some payments to decrease past due balances than nothing at all. With online payments, in addition to paying in full, you can allow customers to:
- Make partial payments – decreases past due balances
- Promise to pay online – customers who promise to pay online are more likely to keep their commitment
- Make a payment schedule – increases likelihood that you will be paid as scheduled
It is easier and less embarrassing for customers to work their way out of past due balances online than by phone with one of your team members. Given the option of self-service, customers are more likely to take action on their past due balances.
Access Documents
Missing documents are often the reason for past due balances. With a self-service portal customers can easily access copies of invoices, statements and other documents.
Disputes
Disputes can delay payments. You frequently find out about them after an unauthorized deduction or chargeback. With a self-service portal customers can report disputes online so you can learn about them earlier and facilitate a resolution to get paid sooner.
Flexibility/Convenience
In the new normal customers want to work remotely and at any time of day. A self-service portal provides the flexibility and convenience they want, and makes it easier for them to make payments and service their accounts online.
Give your customers what they want – the ability to work wherever and whenever it suits their needs. They don’t want to be tied to your office hours or need to call your AR team to get answers or manage their accounts. Make your company easy to do business with. It will eliminate barriers to payment.
Self-service is a natural extension of AR automation. It gives your customers ownership in the business process, saves time and reduces costs for all concerned. Automation helps to increase 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 automated credit and collection solutions, please contact Lockstep Collect at www.lockstep.io.
