As we navigate through these uncertain times, collecting on your outstanding receivables is now more important than ever. Having a robust and efficient process in place for Collections will not only help you collect on your receivables faster and improve your DSO, but it will also provide a simple way for your customers to make their payment.
For instance, last Friday we had an AR manager contact us wanting to learn more about the payment links functionality of Collections Management for Microsoft Dynamics GP. They were familiar with Collections Management but didn’t know about the user friendly capabilities for collecting cash.
For this company, most of their receivables were made via checks. This brought them many disadvantages to their collecting process.
- The delay involved in mailing checks
- The risk involved in getting those checks lost
- The risk involved in manually confirming the authenticity of those checks or dealing with NSF checks
- Time spent in applying those checks
- The overhead cost involved in handling those checks (especially with the looming USPS postage fee increase across the country.)
With all those disadvantages, this company decided it was time for a new strategy. One that made sense not only for their company, but also for their customers. That new strategy was Collections Management + Nodus PayLink.
With Collections Management’s integration with Nodus Paylinks, your collections letters, notices, or reminders are emailed to your customers and include payment links from which your end customers can easily click on and make their payments via credit card, check, or ACH.
Once the payment is made, an automated process ensures to apply the payment directly to the paid invoice(s) in Microsoft Dynamics GP®. A Great Time Saver for your company and a Great Way to drastically improve your DSO.
On top of that, this is also a Great Time Saver for your customers as well, as they will no longer have to write and mail their checks. Now, from the comfort of their home or office, customers will be able to pay their invoices at their convenience.
This is a Win Win situation for both your company and your customers. The time is now to move forward and implement a cost saving and efficient Collection Management process.