Replacing customers is much more difficult and expensive than keeping existing customers happy. Successful companies focus on the total customer experience to make sure that customers are happy with their relationship.
Total customer experience should include:
- Customer onboarding – Getting customers set up in all your company’s systems so that transactions and communication flow smoothly and seamlessly.
- Ease of doing business – Making it easy for customers to communicate with your company and transact business quickly and efficiently.
- Touch points – Every department that is a touch point in customer transactions should have a customer service focus to facilitate strong customer relationships.
Touch points should include administrative functions involved in customer transactions. Otherwise seamless, trouble-free transactions can be spoiled by problems in your AR process. Don’t let your customer relationship be derailed by a fumble on the two yard line of a transaction.
Optimize Your AR Process
Your AR process should be optimized for a good customer experience. Make your company easy to do business with. Provide a customer portal to facilitate:
- Profile management
- Dispute resolution
- Obtaining account information
Customers want the ability to self-manage their accounts from any location at any time. A self-service customer portal can optimize your AR process and enhance your customer experience. It’s a win-win solution for your company and customers.
AR is an Extension of Customer Service
Customer service shouldn’t stop when a sale is made and an order is accepted. It should span the entire transactions cycle and be part of the operating philosophy of every department. At successful companies, customer service is part of the mindset and culture.
AR is an extension of the customer service philosophy and success team. The customer experience is not complete until a transaction is concluded and data is updated to continue the relationship. Credit approvals, collection, payment application, dispute resolution, profile management and credit updates are all customer touch points and can affect the customer experience.
AR activities touch the customer in many ways on an ongoing basis. They are an integral part of the customer experience and relationship.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased 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 AR automation, and improve cash flow 31% or more take our AR Automation Product Tour.