Is your AR team struggling to keep up in the new normal? Are they constantly answering or returning customer calls to take payment information, answer payment application questions, take requests for copies of documents, get the details of a dispute, or handle a myriad of other issues? If they are buried in these manual, clerical activities, then they do not have the time needed to collect AR and increase cash flow.
You can solve this problem by automating AR processes and providing customers with a self-service portal. Here are some ideas on how to streamline your AR process with self-service.
Customers and your AR team can use a self-service portal to message, eliminating the need to make phone calls or write separate emails. Getting off the phone and messaging online saves time for both you and your customer. Time that can be spent on high priority collection activities.
A self-service portal can be used to report disputes instead of calling or writing emails. This saves time and facilitates dispute resolution. Quickly clearing up disputes helps to increase cash flow and solve problems before they lead to more issues and unhappy customers.
Customers can use a self-service portal to make electronic payments instead of calling your team with payment details, which then have to be entered in your system. This saves everyone time, and eliminates the opportunity for errors taking and entering data.
Calls and emails from customers with questions on how payments were applied or if they were received can be a huge time drain and distraction for your AR team, particularly during the month-end AR close. When customers make payments through your self-service portal they know when a payment was applied and how it was applied, eliminating the need for calls and emails.
With a self-service portal, customers can access copies of invoices, statements and other documents. This saves needless phone calls or emails, and the need to retrieve and send copies of the documents requested.
In addition to streamlining the AR process, customers want the flexibility and convenience of self-service. It gives them 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 to questions, make payments or request documents.
Self-service is a natural extension of AR automation. It gives your customers ownership in the business process, and saves time and reduces costs for all concerned. Automating credit and collections activities 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.