A business’s accounts receivable system should be a vehicle to grow a company, instead departments are overburdened with outstanding invoices and payments.
According to a report from the Credit Research Foundation, the 3rd quarter of 2021, saw an increase in past due receivables.
With nearly 50% of invoices being overdue, and when your job description does not include debt collector – how can merchants and A/R get back into the driver’s seat, instead of being a passenger at the mercy of delinquent payers?
1. Ease – Offer a seamless payment acceptance experience
Your merchant account allows your business to accept all major credit and debit cards as a form of payment. Offer customers the ability to easily pay by credit card. Not only will your business gain from on time payments and increased cash flow; but this option benefits your customers. Cardholders earn points, build credit, are offered protection, and have time to pay their credit card bills.
2. Be payment ready – When the customer wants to pay
Whether you use, Converge, Elavon’s online payment gateway or a 3rd party gateway; you have the ability to securely accept payments via a web browser anytime, in person, by mail or over the phone.
3. Secure – Save time and offer customers piece of mind
Tokenization allows your business to store customer’s credit card numbers in a secure, PCI compliant manner for future use. Your payment gateway will replace cardholder’s card number with a randomly generated token, allowing you to process transactions securely without cardholder details being exposed.
4. Automate – Use up to date technology to reduce payment errors.
With a basket of services and technology accessible through your merchant account, you can reduce the manual process and errors that cause payment delays.
Account Updater – allows Visa and MasterCard to automatically update credit card numbers and expiry dates of cards stored in your card (token) vault.
Recurring/Installment – allows you to set up subscription like payments to charge your customer’s cards automatically on a continuous or set schedule.
5. Remind – Take Advantage of Value-Add Features to do the collection work for you
Value added features such as billing and invoicing or pay by link (buy button /payment link), allows you to send an encrypted link (with or without an attached invoice) or place a payment button on your website. This directs your customers to a hosted payment page for instant payment. Set reminders for your invoices, or late payments, so you don’t have to waste time to complete the transaction.
6. Integrate – Having an integrated software or payment portal for customers
Having an integrated software in place which offers a way for your customers to securely login and your business to collect payments. Improve customer experience and eliminate duplicate entry for the A/R department.
If you are ready to get behind the steering wheel, to increase sales, receivables, time and productivity, reach out to Cartis Payments to become familiar with the features we have available for you to boost efficiency and take the burden off chasing payments.