Consider which features of a payment solution will help you achieve faster collections.
to help upgrade the Accounts Receivable payment process and accelerate collections
If your Accounts Receivable team has invested valuable time in payment processes that are manual, consider bringing in automation to ease burden and stabilize collections.
Specific customer circumstances adhere to specific payment channels, however different payment channels come with added costs. Checks, credit or debit cards, and ACH transactions come with varying fees. It is important to be aware of what these costs are and where they come from. See our white paper “Decoding Costs of Payment Channels” which identifies expenses in each channel and highlights some key points to consider.
Utilize payment acceptance strategically by controlling when to accept payment methods. For instance, consider turning on credit card options. Credit card acceptance control allows you to authorize related costs that come with card transactions, and allows you to toggle options on or off based on customer or circumstance. Establishing flexible payment methods is key to vendors and customers during this time. It can help provide positive cash flow, mitigate bad debt risk, and build customer goodwill that may result in increased future revenue.
Modernize payments and lower related costs while increasing customer security. This process of evaluating your payment tools is step one to reducing slow or lost payments and boosting your Accounts Receivable metrics and percent current.
Mobile payment options make it easier for customers to pay, enabling invoice response from wherever, whenever — without requiring customers to be in front of their desktop. Mobile payments provides a contactless payment method that processes and transfers funds to a business account faster. Further, when customers are offered the mobility to make paying their invoices completely painless, customer relations and company advocacy are enhanced. When customer service improves, sales go up, and cash flow increases.