More than a third of all invoices are paid late. But your business doesn’t have to be content with getting paid weeks after you really need your cash. There are a number of ways businesses can adjust their invoicing process to reduce Days Sales Outstanding (DSO) and get paid faster.
Your customers cannot pay a bill they never receive, which makes it especially important that you keep your customer addresses up-to-date. This can be done by adding address validation software to your business’s outgoing mail process.
More than 60% of businesses believe that e-Delivery is going to be the main source of customer communications within the next five years. However, most companies still use print mail as the primary or only way they communicate with customers.
Sending invoices electronically helps your business get customer payments faster and you can track delivery and open rates. This enables businesses to quickly fix deliverability issues, and be able to send reminder emails and have proof of delivery.
Customers would definitely rather get a friendly reminder to pay their bill than a final notice letter in the mail. Quickly and easily send bill reminders and notices to customers electronically. This doesn’t cost your business anything extra in mailing and postage costs, and it will improve customer communications.
The less friction you place between your customers and their ability to pay the better! It helps your customers have a great experience and you get paid faster. Having an online portal that they can link to directly from an email or text message makes paying a seamless experience. Some software has online pay portals online where customers can enter their credit card or link up an account.
Find out what your business can do to decrease your day's sales outstanding (DSO) and positively impact your business and bottom line.