Digital collections are the answer to getting out from under the cost and delays caused by processing customer checks, and taking payments over the phone. Digital collections also make it possible for employees and independent contractors to work remotely without the hassles of updating customer payments if your office is closed.
The challenge to successfully go-live with digital collections is to achieve 100% compliance. Many companies already have a large percentage of customers paying online. Customers like the convenience of online payments and appreciate the time and money saved not having to process and mail checks or make payments over the phone.
But, there are always some die-hard hold outs that want to continue paying by check or over the phone because they are technology challenged, and have not considered the benefits that online payments can have for them. Here are some suggestions on how to successfully go-live for 100% digital collections.
When customers can’t successfully navigate your online payment process, they will probably default to payment over the phone. When this happens your customer success team needs to redirect customers to your online portal, and help them successfully complete the payment process. This can be time consuming and may need to be done more than once, but successfully converting a customer to online payment will be worth it.
Make sure your customer success team is prepared to field customer questions and help them through your online payment process. Customers who have questions may not want to ask for assistance navigating your online payment process. Train your team to be proactive in offering to walk customers through the process. A little hand holding and encouragement may be all that is needed to get customers comfortable with your online payment portal.
Provide documentation on how to use your online portal and include a video. A video can be very effective in helping apprehensive, technology challenged customers. Remember, “A picture is worth a thousand words”.
Make using your customer portal as easy as possible. Difficulty signing on can quickly discourage a new user. Magic link authentication can help to overcome this roadblock. With magic link customers don’t have to remember passwords and logins to access your payment portal.
Include hyperlinks to your payment portal on reminders and invoice emails. Easy access to your online portal will help you achieve 100% digital collections.
The benefits of online collection are compelling. Increased efficiency, reduced costs, increased cash flow and the ability to have your AR team work efficiently from your office or remotely make 100% digital collections an essential objective for your team.
Cloud-based credit and collection platforms provide the solutions you need to take full advantage of online collections.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you to take full advantage of online collections.
If you would like to learn how you can benefit from digital collections, please contact Lockstep Collect at www.lockstep.io.