Maximizing Customer Satisfaction with Advanced AR Strategies


Advanced Customer AR Strategies are key to maximizing customer satisfaction in today's digital age. By integrating AR into their customer engagement tactics, businesses can offer immersive and personalized experiences that not only meet but exceed customer expectations, fostering loyalty and repeat business.

Many advanced accounts receivable (AR) automation tools have started offering features that allow you to create customized customer strategies based on invoice aging or total outstanding amounts and so on. These features typically include schedulers for sending payment reminders at specific intervals and notification systems to alert stakeholders based on certain triggers. Here are some details on these capabilities:

EXAMPLES OF CUSTOMIZED CUSTOMER STRATEGIES:

1. Segmentation and Targeting:

  • Invoice Aging Analysis: Segment customers based on how long their invoices have been outstanding (e.g., 30 days, 60 days, 90 days).
  • Outstanding Amounts: Classify customers by the total outstanding balance to prioritize high value accounts.

2. Automated Reminders and Communications:

  • Scheduled Reminders: Set up automated reminders that are sent at predetermined intervals (e.g., 7 days before due date, on the due date, 7 days after due date).
  • Customized Messaging: Tailor the content of reminders based on customer segment or the aging of the invoice.

3. Escalation Protocols:

  • Trigger based Notifications: Configure the system to notify internal stakeholders (e.g., AR team, sales managers) when certain conditions are met, such as an invoice being overdue by a specific number of days or exceeding a particular amount.
  • Escalation Paths: Define escalation paths for handling overdue invoices, which might include additional reminder emails, phone calls, or involvement of collection agencies.

Customer Portals and Self-service Options:

  • Access to Account Details: Allow customers to view their outstanding invoices, payment history, and due dates through a self-service portal.
  • Self-scheduling Payments: Enable customers to schedule payments or set up payment plans directly within the portal.

Now Imagine a company uses AR automation software to manage its receivables. Here's how it might implement customer strategies by choosing the right automation tools:

 

Original Resource: https://inebura.com/blog/the-emergence-of-customized-customer-ar-strategies

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