It’s not uncommon for a B2B company to only accept cash or check for payments. Some might accept credit card payments, but they are taking card numbers over the phone and this isn’t the most efficient or secure way to be accepting payments. With all of the technology that we now possess, it seems very mundane to only offer the ability to accept cash and checks. Your customer is forced to use envelopes and stamps, you have to wait for it to come through the mail and, hopefully, it makes it to your department on time. This process is outdated and leaves your department one step behind on collecting your open invoices on time. Companies that are offering ACH or credit card payments via an online bill pay portal are seeing a quicker turnover ratio and reducing outstanding accounts receivable, like Polyportables.
PolyPortables, LLC. has grown tremendously since their inception date in 1972. As a global leader in the manufacturing of portable restrooms, hand wash stations, deodorizers and other sanitary products, the company expanded to a 64,000 square foot facility in their headquarters in Dahlonega, Georgia and an additional 12,000 square foot facility dedicated to manufacturing deodorizers. In 2015, the demand for PolyPortable’s top-ofthe-line thermoforming manufactured portable restrooms led the company to partner with 2 rotational molding facilities; Innovative Rotational Molding in California and Quality Holdings, LLC. in Hartwell Georgia.
Despite multiple locations to keep track of and a large customer base, PolyPortables was still using the old spreadsheet and highlighter method to keep track of their accounts receivable. All their future tasks, including upcoming collection calls, collection letters and invoice reminders were scheduled in Outlook. PolyPortables needed a more efficient way of managing their collections. This is when Polyportables turned to an automated accounts receivable software, Lockstep Collect.
Without an online bill pay system, PolyPortables was doing what many other companies use in order to collect payment; mailed paper checks or accepting credit card payments over the phone.
It was taking about 10 minutes per phone call in order for the representatives to find the client’s account, confirm amounts, write down the credit card information and then keying in the
information after the phone call. Although this is still an option for any of their customers who would like to use it, an overwhelming majority prefer using the online bill pay system. PolyPortables simply sends out an email to customers with a secure link that takes them to a customer portal where the invoice can be paid online. So far, they’ve seen over $1 million in online transactions since implementing the collections system and 22 hours of time saved.
“In today’s fast paced world, they don’t have time to necessarily stop and receive a phone call from us, so we’ve noticed we call sometimes and get ignored, no one answers or it
goes to an answering machine,” said Credit Manager Benjamin Burford. “Five to 10 minutes later someone has paid their bill online from their company because no one wants to talk and be scolded, so they’d rather just go online and pay.”
Automated accounts receivable software allowed Polyportables to, not only collect more cash, but do it with less effort. They barely had to encourage customers to pay before they went and took matters into their own hands. Using accounts receivable software takes away the manual work, while opening up additional cash flow.