Customer-Centric AR Strategies are set to become the norm of the day: In the B2B world, customer experience has been identified as the most critical factor for 89% of buyers. You would be surprised to know that AR functions have more customer interaction than any other business arm except for sales.
Accounts receivable function is not just about collections, it is also about keeping a seamless, clear and two-way interaction with the customers. And every touch point with the customers is an opportunity to give them an experience.
Ultimately, having a favourable relationship and having a wonderful customer experience at all touchpoints increases the likelihood that payments will be paid on time and increases the chances of additional purchases and deals in the future as well as a long-term business relationship.
Businesses should put a higher priority on the consumer experience in 2024. The focus of customer satisfaction improves the relationship by leaps and bounds and quickens cash flow by reducing payment delays.
There are various ways of creating a delightful customer experience, throughout the AR cycle, here are a few that can help the process.
HOW TO BUILD THAT BRIDGE!
- Proactive Outreach: Call, text, or email clients on a regular basis to let them know how their accounts are progressing.
- Real-time Visibility into Invoicing and Payment Status: This allows for faster issue resolution and proactive communication with customers.
- Multiple Channels: Depending on the interests of the consumer, offer a variety of contact channels (e.g., web portal, email, phone).
- Personalized Communication: Using technology tools to customize messaging and communications to the needs and preferences of each individual customer touchpoint.
- Openness and Lucid Explanations: Be open and honest about the terms of payment, available methods, and the collecting process.
- Quick Reaction: Try to get back to customers' queries within 48 hours.
- Record Interactions: Maintain a record of every conversation with the customer for future use.
- Create an Easy-to-follow Procedure for notifying pertinent parties of outstanding issues.
- Automated Workflows: Automated reminders, follow-ups, and dispute resolution processes improve efficiency and also helping to provide timely communication to customers.
- Increase Self-serve Options: These provide customers with convenient, self-service options to view and pay their invoices. Many customers are now looking for fast, convenient ways to make payments. Offering online and other self-service payment options reduces the amount of time agents spend following up customers.
- Collaboration Tools: These features allow for efficient communication and collaboration between the business and its customers.
- Reward Customers: Focus more on rewarding customers for good payment behaviour.
Many a times, manual systems tend to lose out on such opportunities because of lack of tools and systems.
With the right approach and tools by putting in place an AR Automation Solution, such as Inebura, your business and your AR Teams can do all the above to impress and retain customers, and most importantly boost financial performance. So, leverage this technology to improve customer experience and build stronger customer relationships by improving the AR Management Process and build a strong foundation for success in the long term.
To know, how Inebura can help, write to us to know more or to book a demo – sandeep@inebura.com or visit www.inebura.com