Putting hurdles in front of customer payments may be hurting your cash flow. With many AP departments forced to work remotely during the pandemic, the transformation to electronic payments became a necessity, and it isn’t going to change back when businesses reopen. If your company only offers payment by paper check, you will make it difficult for customers to pay you, and adversely affect customer experience.
Customers want the convenience and flexibility to pay and manage their accounts from any location when it is convenient for them. Accounts receivable automation with online payment options and a customer self-serve portal make it convenient and easy for customers to do business with your company.
With automated collections you can offer multiple payment options making it easier for customers to pay you. Online payments are easier for your customers to process, and less work for your team than handling payments by paper check.
- Hyperlinks-With AR automation and electronic invoicing you can include a hyperlink on the invoice for
customers to click for electronic payment options.
- Electronic payment options – Customers can choose to pay by Automated Clearing House (ACH), credit card
and wire transfer. It saves time for customers and your team when payments are made electronically.
Online payment options give customers the convenience and flexibility they want to make payments from any
- Payment plans – With AR automation and electronic invoicing you can allow different payment plans,
further increasing the likelihood of being paid, including: recurring payments, pay outstanding balances,
short payments and multiple payments. Many customers are still recovering and short of cash. Payment
plans make it easier for them to make progress on their account balances, instead of not making any
payment at all.
- Paper checks – You can still allow payment by check, but you should encourage customers to go 100%
digital. You’ll both benefit when they do.
An online self-service customer portal makes it easy for customers to pay and manage their accounts, increasing the likelihood that you will be paid. Customers can choose payment options, access copies of invoices and statements, report disputes, manage profile data, and leave messages for your team.
With AR automation you can provide online payment options and a customer portal to facilitate customer payments. AR automation will reduce DSO, increase cash flow, enhance customer experience and improve your team’s efficiency.
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep Collect, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Automated Communications
- Customer Self-service
- Collections Activity Management
- Reporting & Forecasting
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 or visit us at www.lockstep.io