Customers want the convenience and flexibility to work remotely, and choose when they work on their account with your company. Self-service AR gives them what they want. A self-serve customer portal gives your customers control of their accounts, and relieves your AR team of time consuming manual tasks. It’s a win-win situation for you and your customers.
Here are some tasks your customers can do with self-service AR.
With a self-service portal your customers can access copies of documents such as invoices and statements. They don’t have to waste time contacting your AR team by phone or email to request copies. Better yet, your team doesn’t have to waste time locating and sending the copies requested.
Missing documents are often the reason for delays in payment. Make it easy for your customers to access documents so they can pay their accounts promptly.
Processing and sending payments is time consuming and expensive for customers. With a self-serve portal customers can reduce both time and expense. They can pay electronically and avoid the hassle of cutting and mailing checks.
Your team can benefit from not having to process checks, and manually enter payment data into your system. Direct feeds from your customer payment portal can automatically update your systems.
Disputes lead to higher costs, slower payments and unhappy customers. Unfortunately, many companies only find out about disputes after an unauthorized deduction or chargeback occurs. With self-service AR, customers can initiate disputes online. This gives you the chance to manage the situation and prevent further problems.
Quick response to disputes saves everyone time, and accelerates payments and cash flow.
With a self-service portal, customers can send messages to your team and avoid having to compose separate emails or written correspondence. This saves time and facilitates communication for you and your customers.
Keeping customer master data up to date and correct is essential to automated processes. With self-service AR your customers can update and change key profile data easily. Self-serve profile management saves everyone time and helps to ensure smooth running automated systems.
Self-service AR is a natural extension of AR automation. It gives your customers ownership in the business process, and saves time and reduces costs for you and your customers. Automating credit and collections activities helps to increase profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can benefit from automated credit and collection solutions, please contact Lockstep Collect at www.lockstep.io.