It’s no secret that your collections process can be incredibly mundane, leaving your finance team unmotivated to complete their work each day. And when you look at the nature of traditional accounts receivable (AR) management, it’s easy to understand why. Daily collections calls, sending endless reminders to clients who “forget” to pay you, and manual matching of customer payments to invoices means your team isn’t utilizing their full potential. So, what can your business do in the short-term to boost team morale while simultaneously improving the overall collections experience?
The answer lies in AR automation – intelligent software solutions that empower businesses like yours to take back time currently spent managing processes manually to enhance productivity and drive efficiency. But actually implementing such a solution can be challenging, so we’ve assembled eight strategies we recommend when looking towards collections automation:
There are many different ways your business can automate its collections process. The key is finding a solution that makes your team more efficient and gives your customers a frictionless experience. At Versapay, we do just this with our Customer-Centric AR automation solution, Versapay ARC. ARC was designed with your customer in mind; with an intuitive self-service, online payment experience, you’ll empower your customers with real-time data tracking, optimized invoice delivery, and online collaboration.
To learn more about Versapay, contact us today.
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