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As a credit manager, keeping the average DSO low is one of your core responsibilities. Creating an optimal customer experience (from start to finish) plays a substantial role in this endeavor.
While most organisations invest considerable time and effort in the front end of the process—enticing potential customers to make a purchase—there’s often significant room for improvement in the backend, the order-to-cash process, concerning an optimal customer experience. This includes timing, the right ‘tone of voice,’ and flexibility to accommodate individual payment preferences.
The use of payment pages can significantly contribute and streamline processes. A payment page ensures prompt settlement of outstanding invoices while contributing to a positive customer experience.
What is a Payment Page?
A payment page offers your customer an immediate overview of all outstanding or partially paid invoices. This saves your customer from sifting through their inbox searching for invoices that might already be settled—or not! Or, in the case of paper invoices, navigating through piles of mail and promotional flyers.
If one or more invoices remain unpaid, the payment page allows for immediate payment processing. Simple and effective.
What to Consider?
Technically, a payment page involves linking your invoicing platform to the bank, enabling your customers to settle one or multiple invoices directly using an online payment method (e.g., iDEAL).
Several off-the-shelf solutions are available for quick implementation. However, these solutions might have their downsides due to their rapid implementation. When implementing a payment page, pay attention to the following:
- Real-time Visibility
For an optimal customer experience, your customer should have real-time access to the most current invoices, including payment status. For instance, a situation where a customer makes an online payment and immediately sees confirmation that the transaction was successful (or in progress). This necessitates a real-time connection between your invoicing platform, the bank, and the payment page. Real-time connection and processing of a payment transaction update all data instantly, allowing your customer to see the result of their action: a paid invoice. - Consistent Branding
By incorporating your brand’s visual identity into the payment page, you provide customers with an experience that feels like an extension of your own website or customer environment. This integration creates a sense of continuity and familiarity in their customer journey. - Safety and Trust
Ensuring a secure environment is crucial. You want to guarantee that customer payments reach you and not a fraudulent entity pretending to be your organisation. To provide your customers with a secure and trustworthy experience, display your organisation’s name under ‘payee’ instead of generic terms like ‘Third Party Funds.’ This slight difference prevents uncertainty for your customer and unnecessary inquiries to your Customer Care department. - Cost-Effectiveness
Be discerning about the fees associated with an online payment page. A direct iDEAL payment routed through a bank costs, depending on your transaction volume, just a few cents per transaction. A payment page closely integrated with the bank’s interface could—and ideally should—be significantly cheaper.
Is a Payment Page Suitable for My Organisation?
If online payment options aren’t currently part of your credit management, it’s certainly worth considering. The more options you provide customers to settle invoices, the greater the likelihood of prompt and proper payments.
If you already employ online payment methods, we highly recommend a payment page that addresses the aforementioned considerations. By doing so, you integrate the payment process into your customer experience rather than treating it solely as a business transaction for the service rendered.
Feel free to reach out to FIQAS for more information on payment pages in general or the payment page we offer through our Abillity® platform (incorporating all the above aspects).
