Satisfying customers is about more than providing a high-quality product. PYMNTS found that 85% of B2B buyers value a positive experience as much as the goods and services they are purchasing. AR (accounts receivable) automation is effective in enhancing customer service.
Customers stick with companies that make transactions simple and smooth, and retaining customers is effective in driving revenue – Bain & Company reports that just a 5 percent increase in retention lifts profits up to 75%.
Automating your AR process helps cut costs and invigorate cash flow and heightening the customer experience by making the billing and payment process easier for the buyer.
Here are five ways automating your AR process makes for happy customers:
It’s easy to blame customers for making delinquent payments. However, it isn’t always their fault, especially since CFO.com reports 11% of invoices never reach the intended target, which convolutes the payment process. Sometimes, customers may not be clear on the terms of their contract or are unsure of a payment’s due date.
Accounting automation from Bill360 eliminates that problem by providing self-service customer portals, distributing timely invoices, and sending out payment alerts, enabling the customers to have all the information needed to make prompt payments with just the click of a button.
Everyone likes having choices – especially if the only option they're presented with puts their financial data at risk.
Rather than forcing customers to pay solely by check, AR automation supplies your customers with multiple options, such as through the Automated Clearing House (ACH) network or via debit and credit cards. Not only does this enable buyers to use an option they’re comfortable with, but payment through ACH and credit cards is far more secure than paying by check. With check fraud being more rampant than ever, AR automation greatly reduces the risk of your customer’s information falling into the wrong hands while speeding up the payment’s arrival.
Your customers want to know you care about them, but sometimes it’s difficult to give each one the attention they need as your business continues to expand.
Such are the spoils of AR automation. Because typically mundane, manual accounting tasks are now automated, your employees are free to serve customers and bring quick resolutions to their specific issues. AR automation also alerts you when a customer who typically pays on time is past due. That way, you can proactively reach out and help, whether it’s by offering more flexible payment options or even an opportunity to keep their account in good standing through a partial payment.
As the owner of a B2B company, you know how important it is to make informed financial decisions. Doing so, however, requires the right data.
Through customer portals and payment tracking, customers get complete transparency of their accounts and are alerted when payments have been made and when they’re due. By having a full understanding of their account and payment status, they can better budget for future transactions and make sound decisions that benefit their company’s bottom line.
You know the daily grind associated with running a business. The last thing you need to worry about is a confusing billing process or whether your payment arrives on time. Your customers have similar concerns.
Bill360 enables you and your customers to use AutoPay, where recurring fees are automatically deducted each month a bank account or card saved in the customer’s digital wallet. You can also embed "pay now" links invoice. Digitizing payments provides today's B2B buyers with the simple, seamless pay payment process they crave.
Bill360 was created to make life easier for small to medium-sized B2B companies and their customers. Our unique data solutions make for smooth, simple transactions that satisfy your customers, and ensure they pay you on time. That way, you have the cash flow needed for long-term profitability.
Bill360 syncs with existing software like QuickBooks® and Xero® and offers a suite of unique features such as a secure, buyer-managed payer wallets, fully integrated payments and AR support that you won’t find anywhere else.
Hear from real Bill360 clients about how we made lifer easier for them and their customers.
Bill360 makes it simple for your customers to access their own portals and pay you digitally through ACH and credit cards. These methods are far safer than paper checks that can be intercepted or swiped from mailboxes.
Forrester reports a majority of B2B buyers were born after 1980. They expect a simple, one-touch payment process that's fast and has no friction.
Because customers take things like that into account when choosing vendors. And if they find your payment process too slow or confusing, they'll look for someone else to work with.