There are a number problems that can keep customers from paying on time. Identifying and eliminating these deterrents to payment is essential. When you have eliminated the reasons for not paying, it will be easier to identify real payment problems so your team can concentrate on priority collections.
A self-service customer and vendor portal can help to eliminate a number of reasons for delayed accounting. Providing self-service eliminates reasons for not paying by making it easier to pay.
Providing Self-Service Payment
It is better to get some payments to decrease past due balances than no payments. With self-service payments, you can allow customers to make:
- Partial payments – reduces past dues
- Promises to pay – customers are more likely to pay as promised
- Payment schedule – increases likelihood that you will be paid on schedule
It is less compromising and simpler for customers to work out past due balances online. With a self-service option, customers are more likely to take action on past due amounts.
Not having the necessary documents is a frequent reason for unpaid balances. With self-service customers and vendors can easily obtain copies of invoices, statements and other documents.
Report Disputes Online
Delayed payments are often caused by disputes. It is common to find out about them after an unauthorized deduction or chargeback has occurred. Customers can report disputes online with a self-service portal so you can learn about them sooner and develop a resolution quicker.
Customers want to work remotely and at any time. A self-service portal provides the convenience they want, and makes it easier to initiate payments and service their accounts.
Provide your customers and vendors with what they want – the ability to work wherever and whenever they choose. They don’t want to limited by your office hours, or need to call your AR or AP team. Make your company easy to do business with. It will eliminate reasons for customers to delay payments.
Self-service is a logical extension of AR and AP automation. It gives your customers and vendors a stake in the business process, saves time and reduces costs. Automation helps to increase profits and cash flow.
With a connected accounting solution for your AR and AP teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Digital Onboarding – Collect master data directly from your customers and vendors
- Accounting Inbox – Make it easy to divvy up work and track progress
- Smart Automation – Automate menial task with accounting integration
- Online Accounts – Give customers and vendors online access to their accounts
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep at www.lockstep.io