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How to reduce late payments with automated e-invoicing?

rollector.ai how to reduce late payments with automated e-invoicing

Did you know using e-invoicing for your credit collections helps to reduce late payments significantly? According to a study made by Zervant (in Finnish) – with data of over 500000 invoices – they found that 74% of B2B customers paid their dues on time if they received invoice as an e-invoice. But if the customer received the invoice via paper, only 65% of them paid on time. The same trend applies to B2C.

Here is an action list for both B2B and B2C companies to lower your late payments by 25% with e-invoicing:

For B2B:

  • Activate your e-invoicing with your service provider and invoicing platform
  • Start gathering the e-invoice details from your customers
  • Ask the current customers for the information or gather it from their website for external online services. Some invoicing platforms also offer this information automatically.

For B2C:

  • Activate your e-invoicing with your service provider and invoicing platform
  • Promote the possibility of e-invoicing for your customers via multiple channels
  • Depending on the country you do business in – you might also have a possibility to ask permission from customers to send e-invoicing activation directly to their online bank.
  • Be pro-active. Customers don’t just switch to e-invoicing even if they might like it. They need to encouraged via multiple channels and should be made aware of all the practicalities and benefits.

Get the Guide

Find out 10 Simple Tips on How to Encourage Customers to Switch from Paper to Electronic Invoicing and activate them to start reducing late payments.

how to convert customers from paper to electronic invoicing