Embedded B2B Payments
Convenient, fast, and secure payment options so your customers have everything they need to pay their invoices.
Automating your company's accounts receivable (AR) process offers multiple benefits. But it’s crucial to add a platform focused solely on AR to your tech stack rather than one that also automates accounts payable (AP).
A combination platform may sound appealing. But getting the most out of AR automation – reliable support, faster payments, stronger cash flow, secure payment options, real-time metrics – means integrating software dedicated exclusively to AR.
This blog explains why
1) Live Support
You don’t want to waste time or energy on ineffective chatbots: UJET recently reported that 63% of people surveyed said interacting with a chatbot did not resolve their issue. And when you talk to a live person, you need to make sure they’re an expert.
Bill360 is focused entirely on AR and provides clients access to a live, in-house support team. If you’re using software that handles AP and AR, you might not get an expert for your specific issue. Or the team may be spread too thin to answer your call, forcing you to interact with a perplexing bot or leave a message with a third-party answering service. At Bill360, we enable you to speak with AR experts committed to efficiently resolving your problems.
2) Embedded payment platform
Easing back on check usage and acceptance is a good idea, especially since check fraud continues to be the most common form of financial deceit. Customers want options, such as the ability to pay with a credit card. However, some software vendors pass the payment processing to third parties.
Along with e-invoicing and auto reconciliation, Bill360 features payment processing for ACH and credit cards, saving our clients thousands in swipe fees. We also enable you to set credit card thresholds for a specific customer or invoice. Lower processing costs means you can increase your acceptance of credit cards and eliminate the risk of check fraud.
3) Customizable Reminders
Late-paying customers suppress cash flow and create a stressful work environment. They also force you and your staff to make uncomfortable phone calls that strain the buyer-seller relationship.
Platforms exclusive to AR provide the ability to send customized payment reminders and alerts with personalized messaging to whomever and whenever you choose. You and your staff won’t waste time rankling customers with obtrusive calls but can still keep them informed about upcoming or overdue payments. Some AR platforms even alert you when a typically punctual customer is late, enabling you to proactively reach out and help.
Combination or all-in-one platforms don’t zero in on these issues because they target a wider audience rather than companies looking to streamline their AR process.
4) Enhanced Communication
People want to be treated well – Salesforce reported 88% of customers said the experience a company provides is as important as the quality of a good or service. But companies that service AP and AR automation may not have the skills required to help you deliver white-glove customer service. They’re so busy learning about AP and AR that they fail to become an expert in either.
Bill360 enables your customers to access their own portals where they can chat with a live member of your team, view their entire payment and invoice history, and manage and set up digital wallets that simplify the payment process. You and your customers can also set up AutoPay. That way, you can simply draft recurring payments from their credit card or bank account to ensure you get paid on time and your customers don’t accrue late fees.
5) Real-time insight
Do you know how long it takes you to get paid? Or which invoices are still outstanding? Accounting automation platforms dealing in AR and AP may not have the specific data required to accurately provide this information.
Day or night, weekday, weekend, or holiday, Bill360 put this information at your fingertips with a clean dashboard that's simple to read and use. You can access up to 18 months of your clients' purchasing and payment history and manage cash flow with accuracy and speed.
Bill360: Focused 100% on AR
Bill360 is dedicated solely to AR and helping B2B companies like yours achieve long-term financial health. Our secure, embedded platform provides innovative automation, invoice reconciliation, and payment processing, getting our clients paid an average of 36% than their previous AR process.
Visit our video library and experience Bill360 for yourself.
FAQ
Why should my accounting automation focus just on accounts receivable?
Accounting automation focused entirely on AR ensures you're working with a team and a platform designed to cure the pain points specific to AR.
What's the benefit of an in-house live support team?
Working with an automation platform that employs its own support guarantees you talk to a knowledgeable person who knows AR and can bring a swift resolution to your issue.
How can automating AR help manage cash flow?
Accounting automation gives you insight into your AR process and the information required to accurately manage cash flow and make sound financial decisions.
