Faster Payments, Better Customer Service
Managing the billing process and ensuring timely payments from clients can often become an uphill battle to collect on past-due invoices. This problem is ubiquitous and impacts businesses of all scales and sectors. Past-due or delayed payments can adversely affect the customer relationship and a company's cash flow, hampering its ability to grow and make the business operate smoothly.
Avoiding the Past-Due Invoice
Timely client payments are not just about maintaining a healthy cash flow. They can play a vital role in strengthening business relationships, instilling trust, and fostering long-term collaboration. This helps the financial well-being of your business and the long-term client relationships you're striving to foster.
Unfortunately, the reality of busy clients forgetting to pay their own overdue invoices, late payments, or paying only when convenient is a common issue businesses grapple with daily. To make matters worse, you get to become "the bad guy" and send a past-due invoice email to notify them of late payments, late fees, and past-due payment terms, all to help ensure that they keep their account in good standing.
The solution lies in reducing the number of times a past-due invoice needs to be sent. This is easier said than done, but there's a solution.
Challenges in Billing and Collecting on Past-Due Invoices
In the traditional billing process, the customer might have queries about their invoice due date or outstanding invoice balance but could be too occupied to reach out and clarify. Making phone calls, leaving an urgent message, and dealing with being placed on hold, and tracking down the right person is time-consuming and wasteful. Clients avoid this at all costs, and if that means avoiding a past-due invoice, they might just take that path.
This leads to payment delays and an increased amount of outstanding receivables, posing significant challenges for your business. An efficient billing process in a timely manner proactively addresses these issues. Making the process painless and facilitating customer self-service can help get your money and, in some cases, avoid legal action.
Why Traditional Billing Methods Result in Unpaid Invoices
Traditional billing methods, while familiar, often lack the transparency and efficiency required to maintain healthy customer relationships. They do not offer customers overdue notices, formal notice of legal action, automatic reminders, due notices, overdue balances, invoice due dates, and the convenience of paying their bills at their own pace and time.
Businesses need to update their business workflows and web portals, and not rely on the traditional collections agency to remedy their past-due invoices.
The Need for a Streamlined Billing Process
A streamlined, automated invoice billing process can transform the way businesses handle their receivables. It reduces manual efforts, errors, and the time taken to get the invoices paid, significantly improving the business's cash flow and financial health.
A streamlined process should include the ability to proactively send customers an invoice email with a payment reminder for invoice due dates, past-due invoices, late payments, late fees, outstanding invoices, payment terms, and payment options, just to name a few. This is where Clarity Payment Hub steps in, to provide all of this and much more.
The Latest in Payment Hub Tech
Enter Clarity Payment Hub, a solution that centralizes and automates your billing process. From accounting to invoice creation, response confirming invoice total payment amount, providing a client payment portal, and ensuring final payment, Clarity Payment Hub takes care of it all. It's a one-stop solution for all your billing woes.
How Invoicing and Payment Hubs Work
From Accounting to Invoice
Our Payment Hub integrates with your accounting software and ERP, pulls the necessary data, and generates invoices and client notifications. It also takes payments and sends each applicable client a past-due invoice. This eliminates any chances of error and enhances efficiency. It fully automates the generation, notification, and payment of invoices between your back-office application (ERP or accounting software) and the client payment portal.