Customers are pressed for time just as you and your AR team are. If you are hard to pay, i.e. offer no customer payment portal or online payment options, then you are likely to be paid later than the supplier who is easy to pay. It is just that simple – make it easy for your customers to pay you quickly and your cash flow will accelerate and your payment processing costs will go down. It’s a win-win situation. Give your customers the ease and convenience they want, and you will get the cash flow and efficiency you need.
One trick to get customers to pay quickly is to provide an “Easy Pay” feature for them to use. Here is how it works.
With Easy Pay capability the email notifications you send your customers have a hyper-link connection to a credit or debit card, EFT, ACH or a fintech payment option such as PayPal. All your customers need to do is click on the link to make a payment.
Easy Pay gives customers the flexibility to make payments when and where they want. Customers, particularly millennials, want more control over managing their accounts. They want to use self-serve features that don’t tie them to the office or regular working hours.
Automated Cash Application
One click Easy Pay eliminates the need for manual cash application. Easy Pay transactions are automated and integrated from your AR software back to your ERP platform. The duplicity and tedium of re-entering payment information is replaced with a fully integrated transaction reducing errors and the cost of processing payment transactions.
With Easy Pay, recurring email notifications can be set up to facilitate quick payments for subscriptions. This eliminates the need to continually set up email payment notifications reducing processing costs and increasing cash flow.
An Easy Pay feature requiring only one click is a sure way to get customers to pay quickly. Easy Pay gives your customers the simplicity and flexibility they want. And, one click Easy Pay gives you the automation and integration of the payment process you need to achieve collection KPIs and reduce the cost and tedium of payment processing and application.
The key to the successful installation of Easy Pay software functionality is to work with an experienced software partner.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you to install an Easy Pay feature and automate cash application.
If you would like to learn more about how you can benefit from one click Easy Pay and automated cash application, please contact Lockstep Collect at www.anytimecollect.com.