As businesses continue to embrace the digitization of processes, a focus on improving customer experience (CX) is becoming a mandate.
According to Forbes, only 4% of customers state a willingness to stay with a company that doesn’t provide adequate service. CFOs are working to implement strategies that increase the lifetime value of customers, and one major way that they are improving CX is through greater transparency in the accounts receivable process.
Every Customer Interaction Counts
While it is not traditionally viewed in this light, accounts receivable is a type of customer service. AR teams have some of the most important and sensitive interactions with customers. The process is so delicate that 72% of consumers indicate a likelihood of changing brands after a single negative service experience.
A staggering 86% indicate that they will share their negative experience with others. In the world of social media and instant communication, a single negative interaction can trigger an avalanche of bad PR.
A major pain point is the inconsistency of information received by customers when talking to AR representatives. In fact, 76% of B2B buyers state that this is a problem they routinely face. This conflicting data not only damages the vendor/buyer relationship but also increases the difficulty of the patron to manage their own business.
AR automation platforms such as YayPay can provide customers full visibility into their account information whenever they need it, not just during a vendor’s business hours. YayPay gives customers the ability to make payments through a self-service portal, allowing for faster payments that can be made at their convenience. This round-the-clock availability and transparency help build working relationships and keep them healthy.
Staying in Touch
Transparency isn’t just about providing customers with full visibility and access to their accounts. It is about establishing clear lines of communication. A transparent AR process means getting invoices to customers on time, and providing them with regular follow-ups and messages so that they know exactly what needs to get done and when they need to do it.
Using an AR automation platform enables regular contact without it being labor-intensive. YayPay facilitates regular communications, follow-up call scheduling, and responses to any messages that customers may have. In turn, this not only leads to a decrease in late payments but also helps to boost the sense of trust and confidence they have in their vendor.
Reaping the Rewards of Good Customer Experience
Providing positive CX is also one of the most important ways that businesses grow revenue.
The service experience is so important that researchers have found customers are willing to pay up to 16% more just to ensure its quality.
It doesn’t stop there. Bain and Company have found that companies who excel at customer service grow their revenue 4% to 8% above their market.
Not only does AR transparency help establish better relationships with customers, but it also leads to faster payments. Customers want to do business on their own time, not on someone else’s. The ability to access their account, see the relevant information, and pay at their convenience means they are more likely to resolve invoices sooner.
The comprehensive and centralized data offered by YayPay can also increase revenue by strengthening the collaboration between the AR and sales teams. Its ability to provide detailed payment history can help inform the sales team what offers to make, what type of credit to extend, and which accounts to nurture for growth.
Taking the First Step
Making your AR more transparent begins with one simple action: schedule a demo of YayPay’s AR automation today to see how it powers transparency and efficiency in your accounts receivable process.