B2B Automation Reduces Outstanding Payments
Late payments disrupt cash flow, strain customer relationships, and slow down business, as merchants spend time chasing down payments. Recent studies show about 47% of merchants experience late payments and more than $3 trillion is owed to U.S. businesses and tied up in accounts receivable.
Fortunately, there are simple actions merchants can take to combat outstanding payments and get paid on time, and it all starts with automating payment collections.
4 Ways to AUTOMATE Collections
Allow Customers to Pay How They Want
Do customers want the ability to pay online? Do they want an online portal to manage their transactions with more control? Or would they rather get a quick email invoice that they can pay right from their phone? Figure out what customers need, provide it to them, and merchants will see fewer outstanding payments.
One of the major advantages of recurring billing is that it can significantly cut down on outstanding payments. Customers are automatically billed, so barring any card errors or expirations, there is no wait time or late payments. Once the billing date arrives, the card is automatically charged, and the merchant gets the money in their account. Since recurring billing is fully automated, it decreases late payments without any extra work from the merchant.
Direct Link to Pay in Email
Link to Pay is a payment method that allows customers to pay off invoices straight from their email. When the merchant creates an invoice in their accounting software or ERP, an email is automatically sent to the customer notifying them that payment is due. The customer then clicks on a link in the email and is taken to a secure online form, where they enter payment details and process the card. After the payment is processed, all data syncs back to the merchant’s accounting software, and the payment is automatically applied to the invoice. Link to Pay reduces outstanding payments by making the payment process simple, safe, and intuitive.
Branded Customer Payment Portal
A customer payment portal is a secure, online portal that allows customers to view and manage their transactions. Once they receive their login, customers can see their past transaction history, any upcoming invoices, and make payments on outstanding invoices. Merchants can set up automatic notifications that alert customers when invoices are upcoming or due. And payment data syncs back to the merchant’s accounting or ERP system, eliminating double data entry.
Learn More About i3 Merchant Solutions’ Bill & Pay Invoicing Solutions:
Contact us online or call 1-800-621-8931.
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