If you are running a business, you’ll always be searching for ways of saving more money while increasing the company’s cash flow and generating more sales. However, there is a way of doing all three things at once by switching to an electronic accounts receivable solution. Integrating all the key functions of managing accounts into a single online platform, it becomes possible to eliminate the time-consuming task of manual invoicing together with the ongoing problem of searching for unpaid amounts by adopting an online payment portal platform.
If you need further convincing, here are just seven of the best reasons to switch to an electronic accounts receivable solution today.
1. Faster Payments
Probably the most compelling reason to switch to an electronic ARM solution is payments can be received more rapidly. The processing time for a standard paper invoice will generally take approximately 23 days from the date it is produced and received by the customer. However, when electronic invoicing is put in place, the payment is usually received much more rapidly, especially when customers can also access a 24/7 online payment portal that allows them to conveniently use their preferred payment method and pay at any time of the day or night to suit their schedule.
2. Increased Efficiency
The task of generating, printing, and then mailing paper invoices is an onerous one. When you add the extra time of tracking missing or delayed invoices and then following up on overdue payments, it’s easy to see how all this time mounts up. It’s time that takes you away from the important task of running your business. When you adopt an electronic accounts receivable solution, you can focus on expanding your sales and attracting more customers.
3. Saving Money
Saving money is always important to any business, and this is a key consideration to bear in mind when thinking of switching to an electronic system. Not only does manual invoicing cost you effort and time, it also has a physical cash price tag. Postage and printing costs, together with the wages of employees charged with the task, can all be eradicated when you switch to an electronic system.
4. Better Security
Customers worry about the security of their credit cards and banking information. They often have concerns if they are expected to share personal information through the mail where it can easily be intercepted and stolen. However, with an electronic solution, logging in to a secure account eliminates those worries while also ensuring the payment is received without any chance of loss or theft.
5. A Better Reputation
An electronic payment portal allows your company’s image and branding to be carried through all elements of the payment. By customizing with a company logo, a professional look can be maintained, which helps to promote the business. By improving customer relations through the offering of more convenient payment solutions, companies can also boost their reputation in the industry.
6. An Improved Customer Experience
An electronic accounts receivable solution smooths and enhances customer experiences, allowing them the flexibility to pay using the method they prefer and using the device of their choice. Whether they want to pay by telephone, a smartphone or Internet-enabled device, this is not a problem with an online portal.
7. Business Advances
An important benefit that comes with an electronic accounts receivable solution is it allows companies to analyze and track their data. This offers them the possibility of tracking trends and identifying customers’ needs for greater cross-selling and upselling opportunities to generate further sales and increase revenue.
BillingTree’s electronic accounts receivable solution allows you to offer customers a greater breadth of payment methods and brings with it a speedier way to receive payments and a more convenient way to handle invoicing. Find out more today by contacting BillingTree.