With more technology and less time, everyone is adapting to methods that can get any work done in a faster, simpler and cheaper way. We know how important invoices play in the order to cash cycle. Be it the collections analyst or the deductions analyst, everyone is revolving around invoices and payments, isn’t it? What if we could make invoice presentment and payment more electronic and less hectic?
This is how one can fit into the order to cash cycle and yet stand out with better customer experiences, fewer errors, fewer expenses, faster work, and overall better invoice management.
But how to make customers adopt electronic invoicing? This is a tricky part but here are some of the strategies to make the process easier.
Segmenting clients on the basis of Invoice Value and Invoice Complexity is the first step to increase electronic invoice adoption. Depending on which customer owes how much to the company, certain other higher-value customers and complex invoices including various discounts and incentives for such customers, we need to segment them and prioritize accordingly.
Now that clients have been segmented according to the above-mentioned factors, we need to ensure that customers are adopting electronic invoice processing. But how do we do that?
Here are three different strategies to implement adoption and automation.
Now that we have segmented our customers and implemented various strategies to ensure they are adopting e-invoicing, our job is done right? Well, maybe not! There are certain optional incentive programs according to certain timelines and preferences for certain high-value customers.
“IT’S NOT THAT CUSTOMERS DON’T WANT TO PAY.”
Customers tend to seek comfort and transparency. With a single platform for invoice payment and presentation, companies can build that trust and brand among their customers resulting in the betterment of the cost, experience, bottom-line, working capital and in general, the whole order to cash cycle.
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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.