Forty-three percent of respondents identified payment and collection cycles as the most frustrating stages of the business cycle for customers, and 48% described their customers as"somewhat frustrated" with their current payment and collection experience.
It is not uncommon for the relationships between customers and businesses to go sour as soon as the first dunning email arrives. On the other hand, if payments also cause customer dissatisfaction, it is often because of human errors in outdated processes, resulting in invoice disputes.Recent years have showcased CFOs' metamorphosis into strategic partners within companies.
Understanding customer preferences through data analysis drives effective communication channel choices, dramatically increasing your collection rate and decreasing payment delays. The younger generations, like millennials and Gen Z, are more likely to favor email, instant messaging or text messages. In contrast, traditional customers are more likely to pay if contacted by phone or letter.
Giving an end-to-end digital facelift can also mean abandoning strictly manual, paper-based processes, reducing friction and delays while real-time insights and customizable payment methods through online customer portals empower clients. Investing in your digital experience can streamline your back end to improve customer service.While human interaction remains indispensable, AI can help amplify customer satisfaction.
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Source: ForbesTech - 🏆 318. / 59 Read more »
Source: ForbesTech - 🏆 318. / 59 Read more »