See How The Cloud Video Platform Opened Up Convenience for Its Customers and Increased Efficiency in Its AR
Since its early days, this cloud-managed video platform had strategically kept its operations lean, employing only one specialist to manage all of its receivables. But as the company grew, processing approximately 2000 invoices a month was too much for one person to handle, especially since the company preferred to send out personalized reminders on a customer by customer basis.
And because they didn’t have a payment portal to receive payments electronically, their customers had to call in credit card information each month which was an inconvenience for both parties. Another challenge the company struggled with was its DSO–it hovered in the mid 40s.
“We knew we had to make our AR processes more efficient. Not only for us but for our customers as well. They didn’t have time to stop and make a phone call for each payment.”
Although they have only been using the Payference platform for a few months, they’re already enjoying a significant increase in efficiency. By leveraging Payference’s self-serve customer portal, their clients can view their invoices and enter payment details themselves at their own convenience. Invoice due reminders also drive efficiency in their accounts receivables as they go out automatically and include a link so customers can easily pay right then and there.
The company has been amazed with the time savings. They estimate they’ve saved 4-5 days a month of one person’s time. DSO is beginning to decrease and they expect that trend to continue improving as more customers start using their electronic payment portal. Another Payference perk has been the ability to pass on credit card fees to their customers. Before using Payference, they didn’t have a way to avoid paying those fees themselves, so they’re delighted with the dollar amount they’re saving now.
“Other software vendors didn’t have some of the functionality that Payference offers like customization and the ability to pass on fees. Also, the Payference customer support team is quick to respond and very helpful so we can get issues resolved quickly.” - Division Controller