For every business the collection of payments can be frustrating and time-consuming. It can become a full-time job, even with making collection calls, filing paperwork, and keeping track of each outstanding account. The difficulty is that many small business owners do not have the resources to devote a full-time effort to collecting payments, and they also cannot afford to let customers avoid paying what they owe.
In these types of small business situations, using a smart business intelligence platform that automates the payment collection process can lead to improved collection rates by saving your valuable time and effort. Here are five ways to consider adding a form of automation into your collection process.
Software Implementation
One of the simplest ways to save time and effort in the collection process is to ensure that your software workflow keeps all of your data in the same place and formatted in the same way. Allowing various team members to keep various collections accounts in different locations using different software can cause trouble when you need to quickly locate information about a specific debtor. Knowing that everything is kept in the same place and is properly formatted for the software you need to use can save you a lot of time.
Automation of Listing Debtors
Create an automated method for listing your debtors based on their chances of paying. The criteria for determining which account is most likely to pay can be structured, the calculations can be performed and updated automatically. With an automatically ranked list of accounts, you can always focus your time on the accounts that are most likely to pay you. This ensures that you are always allocating your resources to the best option.
Streamline Your Collection Workflow
The most common method for automating your collection process is to automate your collection workflow. This means that you create a standard workflow for when each step of your collection process should be carried out. By using a smart business intelligence platform or reminder software like ZikZuk BFM, you can automate the process of ensuring that the specific workflow you have planned is followed.
Implement An Automated Service
If you find yourself dealing with a large number of debts regularly, you should think about implementing automated software. It helps you increase the productivity and effectiveness of the collection process, and some can even send text messages to debtors. Making collection calls is one of the most upsetting and time-consuming aspects of debt collection, so anything that improves efficiency in this area will be a huge benefit to the receiver.
Organized Payment Options
Accepting payments through your online platform is another excellent way to automate the collection process. This enables the debtor to make a payment whenever it is convenient for them. It also saves you the trouble of making bank payments and possibly dealing with returned checks. Simply adding a secure credit card payment option to your website can greatly improve the payment end of the collection process.
Final Words
There are numerous ways for your company to automate its collection process. The key is to find a solution that makes your team more efficient while also providing your customers with a hassle-free experience. With its AI data-driven smart platform, Zikzuk BFM delivers just that. Visit Zikzuk Business Finance Manager and find out how we can help to run your business efficiently.