The flexibility and convenience that self-service offers is important to customers. They want to work remotely, and not be tied to office hours. In the new normal, customers want to work when and where it is convenient. Self-service gives them that flexibility. Providing a self-service portal will make your company easy to do business with.
Self-service payments are a logical extension of AR automation. They give your customers ownership in the business process, and free up time and reduce costs for you and your customers. Self-service payments are safe and increase efficiency.
Self-service payments that are Payment Card Industry (PCI) compliant meet PCI’s Data Security Standard for protection of cardholder data. This reduces security concerns which may keep some customers from using your self-service portal.
Data Entry Eliminated
When customers use your self-service portal to make payments they enter the payment data. This eliminates the need for your AR team to key in the information. The data is automatically fed to your systems.
Tedious clerical work is eliminated, and the time saved can be used to contact customers and make collections.
Reduces Phone Calls
Your AR team will receive fewer phone calls when your customers make self-service payments. This saves time and eliminates the opportunity for errors in processing payment data.
Increases Cash Flow
Payments made through your self-service portal increase cash flow compared to payments by check. Electronic payments also eliminate the time and cost of processing checks.
Customers also benefit when they use your self-service portal.
- Remote work – A self-service portal makes it easier to work remotely. With self-service there is no need to be tied to office hours.
- Flexibility – With self-service customers can work when it suits them best.
- Increased efficiency – Customers save time when they don’t need to call your AR team to make payments. Customers who pay by check eliminate the time and cost of processing and mailing.
Self-service payments are a logical extension of office automation. They give your customers a stake in the process, and save time and reducee costs for everyone. Automating credit and collections activities 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.lockstephq.com.