Customer relationships are built on consistent and timely communication that adapts to customer needs and gives them a valuable experience. Just as for everything else, debt or payment collection is also a service that can be strategically designed to suit the needs of your customers.
Do you think your customers want to willingly fail their payments? Most likely not! They are as concerned about improving their credit score or paying off the pending bills, as you are about lowering your credit risk and DSO, or ensuring your cash flow.
So, how can you help your customers with services that understand their needs and regularly check on their payment situation, without compensating on your resources and finances? The simple and cost-effective solution to this is automation.
Empathise with Your Customers
How often do you see companies directly connecting with customers for friendly payment reminders or contract renewals? Those that do are already ahead of the game from others.
That is because building the bridge to connect, learn, and understand your customers’ situations already means you empathise and care for them.
It might be that your customer is facing a personal crisis, a debt risk, or has simply forgotten about the deadline. Implementing a legal action or penalty at this stage will only increase your churn rate.
What if you instead tried to connect with them regularly, made sure they understood the charges, and helped them if need be? Although it might sound utopian, there is no denying that the customer is the king and you should try to provide them with the best service possible.
But how can you make this process cost-effective and make sure it doesn’t hamper your productivity? Simply let a robot take the lead!
Engage in Smart Communication
Automated accounts receivable collection can help you implement a smart strategy. Employ a call robot to keep up the active communication with your customers or send them reminders.
The robot can also gather information about the situation and the expectations of your customers, so that you will know when to sweep in. Until then, you can focus on high-priority cases which demand human-level problem solving or negotiation.
But remember to engage in active communication, as it ensures efficient customer service and helps in active accounts receivable collection and management.
Check out the benefits of active collection VS passive collection here.
Wondering what the robot should say? Well anything you want!
You can customise the robot to check on your customers regularly as per your need. Just remember to keep it brief and to the point to make sure your message is communicated. You can also add options to gather the information you need to learn more about your customer.
Touching base at regular intervals can create significant differences in your customer service, collection and revenue.
Just as in the case of our customer IPF Digital, who used our robocalling service to beat outbound human customer service to achieve ROI over x21 and also saved labour cost up to 95.33% per month.
Ditch Traditional – Go Online and Automatic!
According to a survey reported by Statista, in Finland alone 80% of B2B customers paid e-invoices on time whereas only 69% paid paper invoices by due date.
This was in 2017, and the affinity for paper invoices has decreased further all the time. So, if your company is still sending out paper invoices, most likely they are piling up on your customers’ desks.
Try switching to e-invoices right away! However, it’s always ideal to inform your customer about such strategic changes and check their preference. But instead of wasting your productive hours, make a robot do it!
On-Time offers you simple, convenient, and cost effective solutions which will help enhance your customer service.