Customer experience (CX) is often the difference between keeping and losing an account.
Because it involves money, accounts receivable is often one of the most sensitive interactions your business engages in and can make or break a client relationship. To improve loyalty and retention, it is important to optimize CX in the AR process.
The first step in improving your process is to look for pain points that customers may experience while working with accounts receivable. These include anything that might slow down their ability to interact with your company, beginning with their first interaction with your company.
Start by examining how customers make payments. Are they able to do so on their own schedule and using their preferred method? Just as important, are they able to take care of the business from any location?
In 2021, 57% of businesses were unable to make payments while working remotely.
The more complicated the process for making payments, the greater the risk of dissatisfaction among clients. A lack of easy access can lead to delays, which can result in late fees and strain your future interactions with the customer.
Another key question to ask is how difficult it is for clients to receive accurate and consistent answers when contacting your company. When customers call in and request information regarding their account, are they able to easily obtain reliable data?
Companies that provide reliable service quality across multiple channels retain 89% of their customers, as opposed to just 33% when that service is inconsistent.
Perhaps an even more fundamental question is are they able to access things like payments owed, outstanding credits, or deductions at any time of day or night? As the world continues to rapidly adopt digital solutions, customers are not just comparing your service to direct competitors, but with every other company they do business with.
66% of customers state that a frustrating website experience will damage their overall opinion of a brand.
As more businesses embrace the cloud and self-service options, customers expect increased visibility and access to their account information. When data is difficult to obtain, it generates friction in the overall experience.
Finally, ask yourself how regularly you communicate with your clients. Consistent, personalized communications and reminders when invoices are sent out help keep the subject top of mind and facilitate timely payment.
The Finishing Touches
Once you’ve identified the friction points encountered by your customers, you can begin the process of refining CX. An automation solution like YayPay can help address many of the concerns you may have identified.
The software provides a self-service portal that clients can use from any location, to resolve invoices any time they need. It allows them to apply any open credits they may have to their invoice, as well as choose their preferred method of payment. It’s quick and intuitive, helping your customers handle business at their convenience.
YayPay also integrates with things like your ERP and CRM, meaning that there is a centralized source of data with a high level of accuracy and transparency. When customers view their account information online or call in to speak with a representative, it is easy for them to receive quick, up-to-date information.
AR automation software also allows you to send customized communications to a customer, from the time an invoice is delivered until it is paid. YayPay even has an AR Template Kit, which provides 20 customer-friendly emails for every touchpoint along the way in the accounts receivable process, making it easier than ever to maintain regular, friendly communications with your clients.
To learn more about how your company can master CX and increase customer loyalty, view YayPay’s on-demand webinar: Transform AR Into a World-Class Customer Experience.