Accounts Receivable Automation: 7 Reasons to Switch in 2018
Looking to save money, speed up cash flow into your business and generate more sales? You can do all three—and more—by digitizing your accounts receivable. With an integrated all-in-one receivables solution, you can invoice customers electronically instead of manually, accept electronic and web-based payments and automate recurring payments.
Here are seven compelling reasons to go electronic with your billing today.
- Get paid faster. Processing a paper invoice—from receipt to payment—takes 23 days on average according to a Paystream Advisors report. With electronic invoicing, payment gets into your bank account much faster, especially when you can create and send customized email invoices that include a click-to-pay option.
- Increase efficiency. Creating, printing and mailing paper bills. Tracking down invoices lost or delayed in the mail. Following up with customers whose payments are past due. These tasks all take time and effort, drawing significant resources from more forward-thinking activities like attracting new customers or expanding your market.
- Save money. In addition to costing you time and effort, manual invoicing has a dollar-and-cents price tag. This includes the cost of paper and postage, as well as the per-hour wages of the employees responsible.
- Enhance security. With a web-based receivables solution, your customers can log in to their secured account online to pay. They don't need to worry about their credit card number, banking information or other sensitive personal information being intercepted in the mail. And with no paper files on your premises, you are helping to protect their security.
- Boost your image. Electronic invoices and your online store can be customized with your company logo for a professional look. And eliminating paper waste demonstrates your commitment to sustainability, a key driver for many consumers.
- Improve the customer experience. A comprehensive receivables solution allows your customers to pay how and where they want—by debit or credit card, eCheck, gift card—at point of sale, over the phone or online.
- Advance your business. One of the most important benefits of automation is that it gives you the ability to track and analyze data. That means you can identify your best-selling items, track trends and identify your best customers for upsell and cross-sell opportunities. Actionable information like this can help you generate sales and drive revenue.
California Bank & Trust can help you get the benefits of electronic invoicing and payments solutions for your business today. With a receivables solution, you'll be able to offer your customers more payment choices, enjoy faster access to funds and reduce operational complexity. To learn more, call 1-800-400-6080 or visit www.calbanktrust.com.