Are you still manually processing customer payments? If your answer is yes, then you are missing out on one of the best accounts receivable automation projects available. A customer payment portal can be integrated with your financial software and ERP platform to automate your customer payment process. It is the classic example of harvesting low hanging fruit with a quick investment payback. Here are the benefits to accounts receivable when using a customer payment portal.
Increased Efficiency
If you are manually processing payments, your team is re-entering payment information into your financial system from reports received from banks and credit card processors, checks received in the mail and phone calls. This is time consuming work that can quickly burn out your staff.
With a customer payment portal, you offer your customers an easy access portal with various payment options including credit and debit cards, EFT, ACH and fintech options such as PayPal. Your customer enters the information needed to complete the payment. Integration of the customer payment portal with your financial software and ERP platform provides a direct feed of the payment information eliminating the need for re-entry.
The time previously spent on tedious clerical work can be saved or used to perform more productive and rewarding work.
Fewer Errors
Manually processing customer payments is fraught with opportunities to enter information correctly. Additional time must then be spent identifying and correcting errors.
A customer payment portal integrated with your financial software and ERP platform virtually eliminates clerical errors. The data entry steps assure that the information entered by your customer is correct, and the auto feed to your legacy systems eliminates the opportunity for errors.
Customer Preference for Self-Service
Many customers, particularly millennials, prefer to use self-service to manage their accounts. Self-service payment portals can be faster and easier to use than other payment options. Customer payment portals also give your customers the flexibility to manage their accounts when and where they want.
Providing a self-service customer payment portal makes you easy to do business with. Payment portals are rapidly becoming a necessity to provide the service that customers demand.
Lower Labor Costs
Manually processing customer payments will result in higher labor costs compared to offering a customer payment portal integrated with your financial software and ERP platform. Lower labor costs from automating payment processing with a customer payment portal make this a very attractive investment opportunity.
Increased Cash Flow
Automating payment processing with a customer payment portal will result in increased cash flow. If you make it easy for your customers to pay you, they will be more inclined to pay you sooner and increase your cash flow.
The increased efficiency, lower cost, increased cash flow and benefits of self-service from automating payment processing with a customer payment portal are a win-win for you and your customers. The key to the successful installation and integration of a customer payment portal is to work with an experienced software partner.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you to automate payment processing with a customer payment portal.
If you would like to learn more about how you can benefit from a customer payment portal, please contact Lockstep Collect at www.lockstep.io.
