Businesses are constantly exploring ways to make it easy for their customers to pay. Early B2B customer payments lead to improved cash flow and working capital.
The American Productivity & Quality Center (APQC) has found that companies in the top quartile of invoicing accuracy are paid, on average, 19 days earlier than those in the bottom quartile. While technology plays a major role in delivering the invoices electronically and accepting payments in a wide range of modes, on-time B2B customer-initiated payments depend on more than just invoicing accuracy.
Download this eBook to learn how new technologies such as AI-powered Digital Assistants, and modern Payment and Customer Portals can auto-pilot a large portion of B2B payments to:
- Accelerate cash flow
- Enhance customer service, and
- Reduce collection costs
A glimpse into this eBook
A Perfect Order can be defined as:
- Delivery of right product, right quantity, undamaged
- Delivered on-time, to the right location in the requested mode (packaging, labelling, time of day)
- Invoiced accurately
In addition to an accurate invoice, it should also be submitted:
- In the requested delivery mode (electronic vs paper, posted to vendor portal)
- with all requested information (PO #, description of product/service, sales tax, accounting codes, etc.)
- In the format requested (e.g., PO # in upper left, amount due in the lower right, etc.)
Influencing customers to pay in a mode that is less expensive for you. Ex: Automated Clearing House (ACH) payments which incur the lowest bank fees for the recipient’s lockbox charges.
Real Time Payments (RTPs), which are made directly between buyer and seller through a direct, secure, internet connection on an Account to Account (A2A) basis (~ EDI). RTPs enhance customer experience
- Without spending extra time waiting on-hold over the phone
- Without being constrained to limited business hours
- Increased Cash Flow and Reduced Past Due AR
- Improved Customer Experience/Satisfaction
- Increased Productivity in Collections
- Reduced Credit Risk
- Increased Revenue and Profits