The Perfect B2B Payment Process

Even in the very best of circumstances, buyer expertise is a crucial a part of accounts receivable (AR). In a cash-poor financial system, with the prospect of a recession looming, it turns into very important. Organizations want to extend their money move and construct the lifetime worth of their accounts. A step towards each is to optimize the bill cost course of.

The necessity to optimize the method is being acknowledged as a serious precedence with 70% of finance leaders seeking to digitize. When seeking to undertake AR software program, it’s essential to contemplate the obtainable options from the viewpoint of shoppers. As extra companies transfer towards the digitization of economic processes, what units a corporation other than its opponents is usually how properly it might cater to buyer expectations.

Offering an intuitive and customer-friendly cost portal concurrently improves buyer expertise and promotes sooner funds. A portal with the power to tailor bill funds to their particular person wants helps take away factors of friction that the client could expertise alongside the way in which. However what else do you want?

With a large number of choices obtainable in the marketplace, it might really feel a bit overwhelming attempting to find out crucial options to search for. Right here’s a easy checklist of key options you’ll must create the perfect cost expertise. 

Built-in cost portal

The better you may make it for patrons to remit funds, the higher. Nobody likes parting with cash, and a irritating expertise when doing so solely makes it worse. That’s why an answer with an built-in cost portal is so essential. It provides consumers the pliability to pay shortly and easily as quickly as they obtain an bill.

Ideally, the answer ought to present a wide range of cost choices, together with worldwide transactions, credit score/debit playing cards, or digital financial institution transfers. It must also permit prospects to shortly entry the cost portal by merely clicking a hyperlink that you just present by way of electronic mail. 

Person-friendly interface

You’ll additionally need to search for an answer that permits them to shortly view their account info. Good accounts receivable software program will present prospects with the power to view their open invoices, account credit, and the whole quantity due. It must also present prospects with an outline of closed invoices and funds made. 

The answer must also present them with the liberty to take a number of actions relating to an bill, reminiscent of making a promise to pay, elevating disputes, or downloading a PDF of the bill in query. It must also retailer issues like bank card info, making it simpler to make funds sooner or later. 

Thinking about understanding the function your cost course of performs in decreasing (or growing) credit score threat? Save your seat for our webinar!

PCI-DSS compliance

When prospects make funds, there’s nothing extra essential than their safety. They should know that the delicate info they share shall be protected. Meaning discovering a system that’s totally PCI-DSS compliant–which means that they adjust to the 12 broad necessities and 200 line-item necessities said on the PCI Safety Requirements web site.

Regardless of the excessive value of information breaches, solely 27.9% of organizations globally are ready to make sure full PCI compliance.

With 90% of information breaches occurring due to monetary motivations, discovering an AR software program that follows the rigorous tips laid out by the Fee Card Trade Knowledge Safety Normal will not be merely a luxurious, however a necessity. 

Multi-currency choices

Organizations working with multi-national shoppers want an AR resolution that gives international assist. Usually, options saddle companies with excessive overseas alternate charges. They could even be restricted within the native cost choices for patrons overseas.

These with a multinational base, or seeking to broaden that market, ought to search for a platform that gives multi-currency cost choices in order that invoices will be issued and paid in native forex. This implies searching for an answer whose companions present overseas alternate market administration and forex alternate. 

A seamless cost expertise

A closing key function to search for is the power to supply prospects with a singular location to resolve their funds, moderately than forcing them to go away the portal and learn to use a separate resolution to finish the transaction. 

This implies searching for a provider who companions with service provider service suppliers to allow enhanced cost choices. The software program ought to permit them to make funds of their most well-liked technique–reminiscent of bank card or ACH–and forex with none handbook conversion work.

Taken collectively, discovering an accounts receivable automation software program that features these 5 options will guarantee a clean cost course of, growing buyer satisfaction, and loyalty. 

What subsequent?

YayPay gives these 5 transformative options to assist remodel your cost course of. When you’re keen on assembly one in every of our AR specialists to be taught extra, contact us beneath!

“We’ve seen funds are available sooner, and a greater buyer expertise.”

Chris Pearce, Worldwide Finance Director, Cheetah Digital