What is Accounts Receivable Management (ARM)?
Accounts Receivable Management (ARM) is a set of policies and procedures to ensure that owed payments are collected on time, in their entirety and credited to the proper account. The collection agency payment process is done in compliance with federal and state laws and regulations.
If the consumers do not pay the amounts they owe then the debt may be turned over to a collection agency. The collection agency then initiates the process of collecting that debt.
Giving consumers more ways to pay makes the process faster and more effective for both the institution and the end consumer. That’s why it’s crucial to have a payment processing system that is secure, efficient, and keeps up with the latest compliance requirements.
How BillingTree can Help You with Accounts Receivable Management (ARM)
Stop leaving money on the table! You can increase your collection payments by providing consumers with omnichannel payment options, making their experience fast and simple.
Over the past 20 years, BillingTree has become the industry leader for accounts receivable management (ARM) payment processing and solutions. We truly understand what drives the world of collections. People in the ARM industry know the sheer volume of payments that need to be processed is overwhelming. That’s where we come in! BillingTree can help your business increase payments through a secure, reliable omnichannel payment platform that gives your consumers every possible payment option.
That being said, payment processing isn’t all we have to offer. Here at BillingTree, we take it to the next level with award-winning customer service and an omnichannel portal. We provide you with everything your business needs to make the entire payment process easier, faster, and more secure. With us, you’ll have a one-stop-shop that meets all your needs.
Let’s face it, in the Accounts Receivable Management industry, when you need support, you REALLY need it. We believe that customer service & 24/7 support are a necessity. Having these systems in place is vital to the contingency of consumer safety and your revenue stream. That’s why we give you the ability to take control of the collection process to operate more effectively and provide support every step of the way.
BillingTree is your all-in-one provider for all types of payments & collections within the ARM industry:
Benefits of Accounts Receivable Management Software
Accounts receivable management software is like having an employee that never makes a mistake and never lets your payments fall through the cracks. Take a look at some of the ways an A/R management system can turn your business into a well-oiled machine.
Better Control Over Cash and Working Capital
Inconsistency can be damaging when you have bills to pay but don’t know when you’ll have the money to pay them. By using best practices, BillingTree makes it easier for you to get paid faster. You’ll have an exact picture of your working capital, allowing you to manage your expenses more easily.
Knowing where you stand also helps you make important decisions like when to invest your money to grow your business.
Increase Efficiency & Reduce Administrative Costs
Spending time to figure out who to call and why, takes a lot of resources. Having a system that can automate some of these processes will help you reduce the amount of time spent prioritizing calls and managing disputes. It also increases the time spent soliciting customers for payment (getting paid).
Better Customer Relationships
With more ways to pay, you can reach your customers faster and more efficiently. Accessing a seamless portal and making payments online provides a much better customer experience. In today’s society, convenience is key. At BillingTree, we believe that every step of the payment process should be as smooth as possible.
At the end of the day, most people want to pay you on time: If they didn’t, it’s likely because there’s something wrong with your current payment structure. Maybe you didn’t send them an invoice on time or there was an error in the invoice, and you have to resend it; whatever the case, you need efficiency, and that’s what our payment portal gives you.
Shorten Sales-to-Payment Cycle
If there is a delay between fulfilling a service and getting paid, your business will suffer. The key is to get paid as soon as possible, limiting that turnaround time. The solution is automation! Now, your invoices can be automatically sent to customers the day they’re created. Not only that, but our portal gives your customers the power to pay anytime, anywhere, with any method they choose.
Reduce Credit Risk
Every company that accepts credit is assuming some level of risk. However, the benefits of convenience and a higher rate of on-time payments makes it necessary for most businesses to offer credit card payment solutions. All your competitors offer it, and you don’t want to fall behind.
With an accounts receivable management system, you can monitor higher risk accounts, set limits/parameters, and have increased security measures right at your fingertips. Learn more about the various ways we keep you secure.
BillingTree’s accounts receivable management platform is the perfect tool to help you get paid on time and make the customer’s experience fast and effortless. Not only is our support team ready to assist you 24/7, but we also provide you with more ways to secure online credit payments, giving you peace of mind. Whether you’re in healthcare, finance, or part of a collections agency, we have the tools you need to run your business more efficiently.