The competitive MSP industry shows no sign of slowing – Scribe reports a market increase of nearly 14% by 2030.
Easing your customers’ load by providing reliable IT support and strong cybersecurity is essential. But to be truly successful, MPSs need to distinguish themselves in a field growing more crowded each year. That means delivering a suite of features and benefits that can’t be found anywhere else.
Accounting automation is effective in achieving this, especially when it comes to streamlining your AR (accounts receivable) process.
Customers count on you for the best cybersecurity and technology on the market. Poor cash flow management, however, makes it difficult to access the capital required to make such purchases.
AR automation strengthens your cash flow while providing you with the tools required to help manage it. It lowers DSO (Days Sales Outstanding) by getting you paid faster, reduces late payments from customers, and in some cases, eliminates withheld funds and ensures you get paid in full once a transaction is complete.
An optimal AR platform monitors crucial metrics like DSO and AR aging in real-time and keeps you updated on which invoices have been paid or are outstanding, giving you a comprehensive view of your company’s finances that leads to effective cash flow management and better decision-making regarding spending or saving.
As a business owner, you know how valuable your time is. Your customers value their time too. That is why they don’t want to spend any part of a day or week wrestling with confusing, frustrating payment processes.
Paying balances is simple with AR automation, which provides your customers with flexible payment options through ACH (Automated Clearing House) and credit cards that are speedier and far more secure than paying by check. Your customers can also set up, manage, and store their payment information in a digital wallet and pay balances in seconds by simply clicking a button. Additionally, your customers have the option to turn on AutoPay, where recurring fees are drafted from their preferred method of payment. This ensures you get paid on time and helps customers avoid late fees .
Some AR automation platforms now offer a Buy Now, Pay Later (BNPL) option, an increasingly popular feature in B2B. With BNPL, you receive the full amount upfront while a third-party provider collects the remaining installment payments and assumes all the risk. BNPL broadens your reach and provides customers with a flexible solution for unexpected expenses. They’ll appreciate your ability to work with them during a time of need.
You know that technological emergencies don’t stick to a set schedule – power outages, cyberattacks, and natural disasters occur at any time, which may hinder a customer’s ability to pay a bill. When this happens, they need to know they can contact you.
A recent study by Zendesk found 78% of customers interacting with chatbots considered the experience unsatisfactory and had to connect with a person to solve their problem. AR automation eliminates the need for ineffective bots and outsourced answering services through portals where you can chat with your customers in real time and bring a swift resolution to any issue or billing discrepancy.
No one knows your customers better than you, which is why an effective AR platform enables you to customize messaging. You can set up and send alerts and reminders to whomever and whenever you choose and do so through text or email, eliminating sporadic, uncomfortable phone calls.
By handling time-consuming, labor-intensive chores like invoice reconciliation and messaging, AR automation provides your staff with more time you can devote to the specific needs of your customers.
Bill360 stands alone in the AR automation industry. Our innovative software provides features your MSP won’t find anywhere else such as real-time DSO monitoring, buyer-managed payment wallets, and buyer portals that enable customers to easily access invoice and payment histories, increasing your cash flow while making it easier than ever to manage it. Bill360 practically eliminates withheld funds, ensuring you have instant access to the capital required to invest in the growth of your MSP.
Through features like Pay Now, AutoPay, and BNPL, Bill360 simplifies the payment process for your customers and eliminates the stress and wasted time associated with tracking down delinquent customers.
Give your MSP a competitive edge. Contact Bill360 today.