Even in the best of circumstances, customer experience is an important part of accounts receivable (AR). In a cash-poor economy, with the prospect of a recession looming, it becomes vital. Organizations need to increase their cash flow and build the lifetime value of their accounts. A step toward both is to optimize the invoice payment process.
The need to optimize the process is being recognized as a major priority with 70% of finance leaders looking to digitize. When looking to adopt AR software, it’s important to consider the available solutions from the point of view of customers. As more businesses move toward the digitization of financial processes, what sets an organization apart from its competitors is often how well it can cater to customer expectations.
Providing an intuitive and customer-friendly payment portal simultaneously improves customer experience and promotes faster payments. A portal with the ability to tailor invoice payments to their individual needs helps remove points of friction that the customer may experience along the way. But what else do you need?
With a multitude of options available on the market, it can feel a bit overwhelming trying to determine the most important features to look for. Here’s a simple list of key features you’ll need to create the ideal payment experience.
Self-service payment portal
The easier you can make it for customers to remit payments, the better. No one likes parting with money, and a frustrating experience when doing so only makes it worse. That’s why a solution with an integrated payment portal is so important. It gives buyers the flexibility to pay quickly and smoothly as soon as they receive an invoice.
Ideally, the solution should provide a variety of payment options, including international transactions, credit/debit cards, or electronic bank transfers. It should also allow customers to quickly access the payment portal by simply clicking a link that you provide via email.
User-friendly interface
You’ll also want to look for a solution that allows them to quickly view their account information. Good accounts receivable software will provide customers with the ability to view their open invoices, account credits, and the total amount due. It should also provide customers with an overview of closed invoices and payments made.
The solution should also provide them with the freedom to take multiple actions regarding an invoice, such as making a promise to pay, raising disputes, or downloading a PDF of the invoice in question. It should also store things like credit card information, making it easier to make payments in the future.
Watch our masterclass to learn how a pain-free payment process reduces credit risk for your business!
PCI-DSS Compliance
When customers make payments, there is nothing more important than their security. They need to know that the sensitive information they share will be protected. That means finding a system that is fully PCI-DSS compliant–meaning that they comply with the 12 broad requirements and 200 line-item requirements stated on the PCI Security Standards website.
Despite the high cost of data breaches, only 27.9% of organizations globally are able to ensure full PCI compliance.
With 90% of data breaches occurring because of financial motivations, finding an AR software that follows the rigorous guidelines laid out by the Payment Card Industry Data Security Standard is not simply a luxury, but a necessity.
Multi-currency options
Organizations working with multi-national clients need an AR solution that provides global support. Often, solutions saddle businesses with high foreign exchange rates. They may also be limited in the local payment options for customers abroad.
Those with a multinational base, or looking to expand that market, should look for a platform that provides multi-currency payment options so that invoices can be issued and paid in local currency. This means looking for a solution whose partners provide foreign exchange market management and currency exchange.
A seamless payer experience
A final key feature to look for is the ability to provide customers with a singular location to resolve their payments, rather than forcing them to leave the portal and learn how to use a separate solution to complete the transaction.
This means looking for a supplier who partners with merchant service providers to enable enhanced payment options. The software should allow them to make payments in their preferred method–such as credit card or ACH–and currency without any manual conversion work.
Taken together, finding an accounts receivable automation software that includes these five features will ensure a smooth payment process, increasing customer satisfaction, and loyalty.
What next?
YayPay offers these five transformative features to help transform your payment process. If you're interested in meeting one of our AR experts to learn more, contact us today!
"We have seen payments come in faster, and a better customer experience."
Chris Pearce, International Finance Director, Cheetah Digital
