With the recent advancements of technology in the finance space, the global business ecosystem has undergone a significant transformation. Fintech enterprises have been making a significant contribution in the way the companies are doing business, and an excellent example for the same is the evolution of the “order-to-cash” space post technology coming into the picture. Discussing how exactly it has influenced this space is a very broad subject, and hence in this blog, we would be directing your attention to a smaller subset of the whole process: billings and payments.
Traditionally, billing and payments have been carried out in multiple ways. We are (hopefully), well beyond the age of paper invoices being sent through snail-mail, and invoices today are mostly being shared through email or other electronic means. However, as we know, technology is always under a state of evolution. In the current scenario, e-invoicing is not enough. What companies should be looking forward to, is a self-service invoicing and payment portal, which digitally empowers your customers to access all the relevant documents, makes payments, etc., on their own, thus eliminating the need to get on a call with somebody from your team for every little problem that comes up.
With that being said, let us take a look at the key features that such a self-service portal should have, and how it could make lives easy not just for your customers, but also for you:
Now that we have discussed what exactly a self-service portal is and what it is capable of doing, let us discuss how it can be useful:
Self-service customer portals ensure real-time presentment of invoices and payments by your customers through easy access to information for them, while reducing resource dependency within your team. They are an example of one of those rare win-win situations, in which there is something for everybody. It is, therefore, on you as an A/R professional to determine how you can leverage invoicing and payment software solutions for improving the way you handle your invoices, payments, and customer relationships. Remember that technology keeps evolving, and it is best for us to evolve at the same pace.
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HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.