Even in the perfect of circumstances, buyer expertise is a crucial a part of accounts receivable (AR). In a cash-poor economic system, with the prospect of a recession looming, it turns into very important. Organizations want to extend their money move and construct the lifetime worth of their accounts. A step towards each is to optimize the bill cost course of.
The necessity to optimize the method is being acknowledged as a serious precedence with 70% of finance leaders seeking to digitize. When seeking to undertake AR software program, it’s essential to contemplate the accessible options from the viewpoint of consumers. As extra companies transfer towards the digitization of economic processes, what units a company other than its rivals is usually how nicely it will probably cater to buyer expectations.
Offering an intuitive and customer-friendly cost portal concurrently improves buyer expertise and promotes sooner funds. A portal with the power to tailor bill funds to their particular person wants helps take away factors of friction that the client might expertise alongside the best way. However what else do you want?
With a mess of choices accessible in the marketplace, it will probably really feel a bit overwhelming making an attempt to find out an important options to search for. Right here’s a easy record of key options you’ll have to create the best cost expertise.
Built-in cost portal
The better you can also make it for patrons to remit funds, the higher. Nobody likes parting with cash, and a irritating expertise when doing so solely makes it worse. That’s why an answer with an built-in cost portal is so essential. It offers patrons the flexibleness to pay rapidly and easily as quickly as they obtain an bill.
Ideally, the answer ought to present quite a lot of cost choices, together with worldwide transactions, credit score/debit playing cards, or digital financial institution transfers. It also needs to enable prospects to rapidly entry the cost portal by merely clicking a hyperlink that you just present by way of e-mail.
Consumer-friendly interface
You’ll additionally need to search for an answer that permits them to rapidly view their account data. Good accounts receivable software program will present prospects with the power to view their open invoices, account credit, and the full quantity due. It also needs to present prospects with an summary of closed invoices and funds made.
The answer also needs to present them with the liberty to take a number of actions relating to an bill, similar to making a promise to pay, elevating disputes, or downloading a PDF of the bill in query. It also needs to retailer issues like bank card data, making it simpler to make funds sooner or later.
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PCI-DSS compliance
When prospects make funds, there may be nothing extra essential than their safety. They should know that the delicate data they share will likely be protected. Which means discovering a system that’s totally PCI-DSS compliant–which means that they adjust to the 12 broad necessities and 200 line-item necessities acknowledged on the PCI Safety Requirements web site.
Regardless of the excessive value of information breaches, solely 27.9% of organizations globally are ready to make sure full PCI compliance.
With 90% of information breaches occurring due to monetary motivations, discovering an AR software program that follows the rigorous tips laid out by the Fee Card Business Knowledge Safety Normal is just not merely a luxurious, however a necessity.
Multi-currency choices
Organizations working with multi-national shoppers want an AR answer that gives world assist. Usually, options saddle companies with excessive international alternate charges. They might even be restricted within the native cost choices for patrons overseas.
These with a multinational base, or seeking to develop that market, ought to search for a platform that gives multi-currency cost choices in order that invoices will be issued and paid in native foreign money. This implies in search of an answer whose companions present international alternate market administration and foreign money alternate.
A seamless cost expertise
A last key characteristic to search for is the power to offer prospects with a singular location to resolve their funds, reasonably than forcing them to depart the portal and discover ways to use a separate answer to finish the transaction.
This implies in search of a provider who companions with service provider service suppliers to allow enhanced cost choices. The software program ought to enable them to make funds of their most well-liked technique–similar to bank card or ACH–and foreign money with none handbook conversion work.
Taken collectively, discovering an accounts receivable automation software program that features these 5 options will guarantee a clean cost course of, growing buyer satisfaction, and loyalty.
What subsequent?
YayPay presents these 5 transformative options to assist rework your cost course of. If you happen to’re interested by assembly considered one of our AR consultants to be taught extra, contact us under!
“We have now seen funds are available sooner, and a greater buyer expertise.”
Chris Pearce, Worldwide Finance Director, Cheetah Digital
