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Paymentportals are not just for large B2C businesses any longer, B2B businesses of any size can benefit. In the evolving world of B2B transactions, the importance of paymentportals has become undeniable. Beyond operational efficiency, a client paymentportal enhances your organizations professionalism.
Accelerated Collections Process Automated reminders and follow-ups ensure that customers are promptly notified of outstanding invoices, leading to quicker payments. This reduces the Days Sales Outstanding (DSO) and enhances the company’s cash position. Multi-level approval workflows to reduce unauthorized payments.
A vendor solution that was built ahead of time to accommodate a wide range of industries and business transactions should be easily scalable to accommodate your growing business needs. Make better credit decisions, lower DSO, and reconcile payments with near perfection. Self-Service Payer Portal. Scalability.
However, when companies provide discounts or other perks for early payments, the team will likely pay ahead of schedule. Once paid, the A/P team records the transaction. Automate the distribution of invoices to customers through multiple channels, increasing the likelihood of prompt payment. Customer Self-Service Portal.
Automating these processes not only enhances accuracy but also ensures timely collections, thereby improving cash flow and reducing the days sales outstanding (DSO). Setting Clear Objectives for Automation Define specific goals for AR automation, such as reducing DSO, lowering operational costs, or improving customer satisfaction.
Work with the customer and see if you can come up with an alternative payment method. While this may result in small transaction fees or tracking difficulties, at least you will be collecting the money that is owed for goods and services rendered. However, do you still find that your days outstanding, or DSO , is on the rise?
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