The accounts receivable payment process does not always go smoothly. Often, customers and clients will pay late, if they send money in at all.
In the United States, customers pay 39% of invoices late, and 61% of late payments are due to administrative problems and compliance issues.
Customers may not pay by the deadline because they cannot figure out how to send their funds through a system. They might not have time to determine where to send their paper checks, or they get frustrated with pay-by-phone options.
Sometimes customers do send their payments in by the deadline, but an error on the business side delays them. Or they manage a significant amount of debt and cannot afford to pay all of their balances at once. They need to create payment plans and are unable to do so through current technologies.
Whatever the reason, late payments are a serious issue for accounts receivables. They negatively impact a company’s bottom line, and associates must focus more attention on collection activities.
The solution for late payments is account receivable payment technologies. BillingTree’s Payrazr platform will speed up payment time, guarantee secure processing, and maintain detailed records for customers and companies.
What is the Payrazr platform?
Payrazr is one of the best account receivable payment technologies available on the market because it is convenient and easy for customers, and makes processing simpler for businesses.
Customers can access the online Payrazr platform 24 hours a day, seven days a week, and make payments with a few clicks of their mouse. Accounts receivable can incorporate their logos and marketing materials into the platform, so the customers have a seamless experience.
Customers who prefer to make phone payments can utilize Payrazr’s IVR payment processing system day or night, or speak with an agent during regular company hours.
On the phone or online, customers can use various forms of payment including cards, eChecks, and ACH payments. All transactions and sensitive customer information are secure thanks to the platform’s PCI, HIPAA, and SSAE-16 compliance. On the backend, Payrazr requires unique IDs for every user, complicated passwords, sturdy firewalls, and numerous other safeguards to prevent hacking and stealing.
The Payrazr system stores payment histories, balances, and payment plan data, and customers can login anytime to see their information. They can easily track where they are financially, and when they need to send in money. If they are on the portal, they can also use the Online Negotiation and Settlement tool and arrange to pay down their debts in a reasonable amount of time.
Accounts receivable associates can see all of their customer data and ensure their records are accurate and up to date. Automatically inputting this information eradicates human error. Payrazr integrates with the leading business and accounting management solutions, so you do not have to change any of your existing systems.
Accessing accounts receivable payment technologies
If you run an AR company and want to improve your processes while assuring customer satisfaction, you should try the Payrazr platform.
For more information, contact BillingTree to learn how Payrazr can boost your sales and guarantee customer loyalty.