The customer pays, so the customer decides
Various Dutch media outlets revealed last month that, ‘SMEs wait longer for payments’. Research conducted in the Netherlands has shown that small and medium-sized businesses have to wait longer for their invoices to be paid than the previous year, with the days sales outstanding (DSO) rising by two days, from 41 to 43. This is a substantial increase, considering the law regarding payment terms has recently been tightened. The consequence of this is that SME owners risk running into difficulties and are more vulnerable to economic downturns. The reasons for late payments vary per situation. There are, however, plenty of tools for ensuring companies pay on time, saving many SMEs. That is why we work with AcceptEasy.
Support in all omni-channel payment options
Where there used to be limited options for making payments, there is now an extensive range of payment methods available. The internet has changed the way customers pay and offers huge advantages within the order to cash process. This process focuses on allowing customers to place and pay for an order as easily as possible. For us, it is important to ensure that our customers and our customers’ customers can pay as easily as possible. Thanks to the integration with AcceptEasy within Onguard’s software, CreditManager, we offer all payment options: from the old-fashioned invoice by post to payments with iDeal, credit card, via a payment link in an email, text message, a QR code and even within a chat system. The customer can choose how to pay their invoice while simultaneously allowing the company to estimate and take data on the customers’ payment risk. They can see precisely how an invoice is sent or viewed and whether or not it has been paid. On this basis, it is then possible to create and develop a risk profile. This benefits the acceptance process and also allows payment methods to be excluded for certain risk profiles to increase the likelihood of payments.
“Communicate with your customers in the way your customers want in order to increase customer satisfaction.”
DANIEL VAN DEN HOVEN
Customer satisfaction and retention increases
The payment process is an important aspect of client management. Ultimately, we want to ensure the customer makes the payment. When a customer can pay using methods that suits them, this provides an optimal customer experience resulting in a satisfied customer and increasing the likelihood of repeat purchases. For example, if a customer has misplaced an invoice, he can be supported and sent a payment link during a live telephone conversation.
Thanks to the combination of CreditManager and AcceptEasy, our customers are able to ensure their customers can pay as easily and quickly as possible. Giving customers a choice, increases the time payments are made by 40%. That’s a win-win for both our customer and our customers’ customers. We are already looking forward to news of a decrease in average DSO in the Netherlands and an increase in customer satisfaction next year!