B2B payments continue to move towards digital solutions, with about $40B being invested in payment technology this year, according to the research firm Forrester. The after-effects of the pandemic and an increasing emphasis on customer experience are the major drivers of the digitalisation of payments.
However, B2B firms have different needs when it comes to payment automation: taking into consideration accounting, invoicing and compliance. Here at ezyCollect, we understand how the payment experience is integral to accounts receivable collections. Our online payment platform is built out of this need, and we’re just getting started.
Our latest updates include features to make payments easier for your customers and for you to be able to collect them efficiently and sync them to your accounting systems seamlessly.
Accounts receivable automation and payment updates
1. ‘Pay Now’ and Direct Debit links in SMS
Simplicity and seamlessness of the payment experience are what the Big Tech firms do so well that they get paid on time. And this is what we want for your business too!
Our latest product release enables ‘Pay Now’ and Direct Debit links in SMS reminders:
- ‘Pay Now’ link allows your customers to connect to our online payment portal and pay you quickly from SMS.
- Direct Debit link allows customers to provide Direct Debit Authorisation easily so that you can collect payments from their accounts.
These simple yet powerful additions to our feature set offer convenience and transparency to your customers and give you more chances to get paid on time.
2. Credit Term Extension
Direct debit payments ensure steady cashflow, but getting your customers onboard can be tricky. To make it easy for customers to sign up for direct debit and provide an incentive, you can reward your customers with Credit Term Extension. The extension gives your customers additional breathing time to make payments. And for you, it means more on-time payments.
How it works
- A configuration at the organistion and customer level allows you to configure the number of days of extension.
- Once your customer submits the Direct Debit Authority form, all invoices with a future due date will get a promise added, with additional days added based on the number configured for the customer.
- Chasing stops until the promised date
- If payment fails, chasing resumes and considers the invoice overdue based on the original due date.
3. Collect Now in Bulk
Collect more with less time and effort. Introducing Collect Now in Bulk.
The ultimate click-to-collect function gives you a birds-eye view of your overdue invoices and lets you Collect Now against multiple invoices across customers in seconds.
With Collect Now in Bulk, you can see all due and overdue invoices that you can collect in a single page view (given you have acquired Direct Debit Authority from your clients). You can then select the invoices you want to collect, and the system will collect the payment and automatically allocate it to your accounting software or ERP.
We continue to invest in improving the payment experience for you and your customers. These enhancements are just some of the features you can expect from ezyCollect as part of our commitment towards ‘0 days late’ payments.
Ready to get paid faster? Book a demo with one of our AR experts today.