The Intelligent Accounts Receivable Blog

A/R CALLS NEED TO STOP

Posted by Matt Shapiro on Dec 12, 2018 12:05:18 PM
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Innovation is replacing legacy systems and processes. Phone calls are consistent with legacy processes.  People don't answer their phones & it costs a lot.  Good thing this process is easy to modernize.  When is the last time your legacy A/R management process has been updated? 

 

PM.05.15.2017_rddnonresponse-00-14

Decline is participation of phone for surveys from 36% to 9% (1997 to 2016) indicates communication trend of declining phones usage.

http://www.pewresearch.org/methods/2017/05/15/what-low-response-rates-mean-for-telephone-surveys/Remember:

 

Customers hate it! It’s outdated to think "nudging" people by calling is the best way to get them to pay.

Talking to a live person creates shame and stress for customers.  Calls are ignored crippling effectiveness & continuous calls are perceived as badgering.  Customers don't expect helpful, positive interactions. The thought of calling you is met with dread since customers expect long hold times, inconsistent information, & lack of empathy.


Get better results:

  • Remove people from the process
  •  Increased engagement leads to better cash flow
  • Introduce self-serve capabilities
  • Proactively offer customized payment options

 

Costs are very high

Manual processes are costly.  There is a lot of waste generated from call centers. People sitting in cubicles listening to voicemail greetings day after day is insane. How many calls are made before a customer answers? When a customer eventually answers, is the bill paid?  How many people do you have sitting around, and what’s the cost? How much revenue goes unpaid?

Modernize:

  •  Stick to dynamic, electronic communications
  • Let AI tackle manual processes
  • Create partnership between A/R staff and AI to increase efficiency
  •  Improve finance department's ROI

Topics: payments

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