Why do you need to automate your payment collection process?

Why do you need to automate your payment collection process?

Finance & Accounting

GlobalLinker Staff

GlobalLinker Staff

30 Sep 2020, 13:31 — 5 min read

Is the issue of pending dues affecting your business growth? Customer payments are vital to support your business, and delays can impact cash flow and business operations. While you can send invoices to your customers, there is no guarantee that they will pay by your deadline. Many organisations often face an inordinate delay in business payments from their customers.

Automation of payment collection

There is much talk about automating business processes. But what does automation mean? Automation is the practice of taking everyday activities, deducting the labour-intensive administrative part of them, and transferring that task to technology.

Businesses can improve their customer dues collection by choosing to automate this process and outsource this to a technology platform. By outsourcing their collections, companies can use the time and resources saved for business growth.

Recordent is a technology platform that offers a structured approach to payment collection automation. Started by global technology entrepreneurs, Recordent is solving one of the most painful problems for businesses: collection of dues from customers - late, long overdue and defaults. This online technology portal helps businesses submit customer dues, recover payments faster, and reduce risk before offering service, credit, or loan by checking customers' payment history.

How does it work?

Businesses can sign-up as members on Recordent and submit their customers’ dues on a secure platform through a simple online form or bulk upload in EXCEL or CSV format. Recordent’s engagement platform notifies reported customers on their dues' status and educates them on how other businesses can check their payment history. Recordent members can also offer installment options to collect dues faster. Customers can pay their dues digitally through Recordent and also avail loans through Recordent to clear the dues.

From the customer dues added by a rapidly growing Recordent member and partner network, businesses can check a new and prospective customer's payment history upon prior consent. Thus, helping members manage risk and make informed decisions while offering a service, credit, or a loan. Having the highest regard for privacy and data security, Recordent’s goal is to enable trust and accountability for businesses that offer a service, credit, or a loan directly to their customers.

Simple 4 step process

Here is the simple 4 step process to start using the Recordent solution:

1. Add customer dues

Become a member on Recordent and add your customer dues with easy upload options.

2. Send notifications

Recordent helps to notify customers via SMS, IVR & email to collect dues faster and help customers maintain a positive track record.

3. Collect dues

Offer payment options to collect dues faster. If not paid, dues show as unpaid on Recordent.

 

4. Check payment history

Members can check the payment history of customers before offering service, credit, or a loan.

Advantages: Record dues, recover payments, reduce risks

Every business wants to save time on invoicing and collections and get paid on time; automation can make that happen.

  • Recordent digitizes the entire payment collection process, which means no tension of tracking dues. You can even manage this process while on the go.
  • Recordent automates payment recovery, which is a massive burden off your shoulder, allowing you to focus on your business growth.
  • It enables digital business payments so you can get paid faster and your clients can set up automatic recurring payments, saving you both time and effort
  • With Recordent you can reduce risk by checking the payment history of the customer

 

No matter how many times you follow-up, there will always be customers who end up paying you late. It’s time to accelerate your payment collection process for greater business efficiency. 

 

Also read: How to overcome common payment overdue challenges

 

Image source: shutterstock.com

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GlobalLinker Staff

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