Accounts Receivable Collections Teams Look For Convenient Solutions
Any ARM department knows that collecting invoices that are past due is not without its challenges. There can be a number of reasons the bill has not been paid on time. Finding ways to ease the burden and to facilitate the accounts receivable collections process is key to success in this field and choosing effective solutions can go a long way toward increasing cash flow and boosting revenue.
Never Procrastinate On A Collection
The golden rule that all ARM teams know is that you should never procrastinate on a collection. In fact, when it comes to ARM solutions, efforts at collection can actually start immediately following the shipping of the product or following the provision of the service or project. This is always the best idea when you think the client could potentially be late in making payments on his or her invoice. Contacting the client soon after the company has received delivery or following completion of the project is often good practice anyway, not only to give a reminder about the payment terms but also to check the customer’s level of satisfaction. This does not just improve cash flow. It also helps to build up a stronger working relationship with clients.
Managing accounts receivable collections in the most effective ways means taking care to document all communications regarding collections carefully, including notes on all telephone calls and all follow-ups. While spending time chasing after owed money often seems counterproductive, it is also important to realize that failing to chase after unpaid invoices leads to cash flow problems and financial deficits that can have a severe effect on the well-being of the company. An automated online billing system is the best choice for dealing with the invoicing process, reducing staff time, and improving productivity and revenue collection.
Offering A Range Of Payment Methods
It seems strange, however, that a surprising number of companies are still offering limited payment methods. This leads to difficulties in collecting on outstanding payments. Evidence has shown that customers who have a wider range of payment options to choose from, as well as more convenient payment methods available to them, are more likely to pay in a timely manner and within the payment terms on their invoices. A high-quality collections system can offer the convenience of an online payment portal that is not only accessible throughout the day and night to facilitate easy payments, but also a wider variety of payment options, enabling customers to use their preferred credit or debit card to make a payment, or to use the ACH system to clear their bills.
Ensuring Security And Compliance
While offering a variety of payment options is always important, it is also vital to ensure that those payment methods can be protected against cybersecurity threats. Choosing a payment processing system that is fully secure and protects customers’ financial and personal details from hacking and other threats is vital to the reputation of the company and for the protection of the customer. Compliance is yet another issue that needs to be addressed and finding a payment services provider that guarantees full PCI-DSS, HIPAA, and SSAE-16 compliance is paramount to ensure adherence to the law.
All companies are keen to minimize their expenditures, especially when it comes to payment processing. This is a possibility when you choose the right payment processing service. A reliable leading provider works with a network of established banking partners to obtain the best rates on payment processing in order to guarantee the lowest possible costs for the business, thus keeping overheads low.
Customer Support Solutions
Payments don’t always go smoothly. And, if things go wrong, it is important to know that there is a resource on hand that can be depended upon to rectify issues and to offer much-needed advice in a timely manner and in a knowledgeable way. Choosing a payment services provider that has contact centers within the United States is the best way to ensure you will receive the best possible standard of assistance should you require it and that help will be on hand 24 hours a day to resolve any problems that should arise.
BillingTree’s Accounts Receivable Collections Solutions
BillingTree is a top choice in the United States for high-quality accounts receivable collections solutions. Offering customized and tailored solutions to meet the needs of a wide range of companies, agencies, and organizations, BillingTree has fully compliant and entirely secure payment systems that can facilitate and streamline the receipt of payments while lowering the costs of processing exponentially. As a market leader, BillingTree has been in the industry for more than 15 years and can be relied upon to offer cutting-edge technology that takes any company’s billing processes into the 21st century for greater profitability, easier revenue collection, and better convenience for customers and staff alike.