The concept of collecting on your accounts receivable quickly in order to maintain healthy cash flow is not new to those in financial institutions. Financial concepts are second nature in these businesses, however, that doesn’t mean that it is always easy and quick for you to collect on your outstanding accounts. Unfortunately, financial institutions still face the same hurdles of late-paying customers and mistakes on invoices.
One way to tackle these issues is by automating the collections process. Automation takes the manual processes, such as spreadsheets and data entry, out of accounts receivable which, in turn, helps to eliminate mistakes and forgotten accounts. Below are some of highlighted features of using automated accounts receivable software for financial institutions.
Financial institutions have tons of security requirements to keep their clients data safe and secure. Lockstep Collect, an automated accounts receivable solution, is hosted through Microsoft Azure. Microsoft Azure is maintained and updated continually to comply with financial security standards and requirements, such as PCI, SOC 1 and SOC 2. Microsoft Azure is a popular and trusted hosting solution for many software applications in need of data security.
Online Bill Pay
A majority of financial institutions are moving their services to an online platform where customers can have control of their accounts at any time. Many have even introduced the ability to deposit checks online or transfer money to a friend. Clients enjoy having that much control over their accounts. With an automated accounts receivable software, clients will be able to enter a secure online portal to pay their bills and even have the option for their credit card information to be stored safely for future payments.
Financial institutions are often using industry-specific business applications to manage their company. In order to make the collections process more efficient, accounts receivable software integrates with these business applications to pull the data needed. Lockstep Collect can integrate with any financial institution specific business application to securely pull the data needed, eliminating manual data re-entry.
Sending individual emails to every customer is time consuming, and often simply can’t get completed. Using an automated accounts receivable software, you can batch emails such as invoices, collection letters, past due notices and welcome letters to customers. The time you would have spent individually emailing clients can now be spent calling those who are the latest in the system.
Just because a financial institution is familiar with the collections process, doesn’t mean they always have the tools necessary to be the most efficient in the process. Using an automated accounts receivable software eliminates half the steps necessary in the collections process, allowing for more time to be focused where it is needed most.