Accounts receivable & invoice chasing notifications
Seamlessly add Voice | SMS | Email with the Alerting Hub API
Combining the power of SMS, Voice & Email
Invoicing customers and clients, for payment of services delivered or goods received, is a routine part of every business operation. But often the headache of non-payment is an additional burden they could do without. Alerting Hub, with its unique event-centric approach, has wrapped all the essentials into a flexible, programmable platform – we make it easy to add and track mass notification into your accounts receivable solution.
The UK SME late payment debt rose to a staggering £23.4 billion, up £10.4 billion on the £13 billion owed in 2018, according to Pay.UK. With the economic impact of Covid-19 starting to bite, the need to address the debt recovery challenge becomes more important.
Research from Close Brothers revealed that delayed payment of invoices causes problems for 50% of SMEs, with 33% of these saying it made cash flow difficult to manage. A great deal of time and energy is also wasted chasing payments. With the trend in rising household debt set to continue, SMEs need simple, automated ways to recover debts payable.
Accounts receivable solutions, from invoice chasing solutions to debt recovery systems, enable businesses to automatically notify customers when a payment is due or overdue. Most importantly they allow the implementation of an automated escalation process, to help stop payment requests being ignored. The scheduling of reminders – voice calls, SMS or emails – help encourage customers to pay on receipt.
A typical workflow may see invoices initially sent out via email, with links to payment landing pages. In many cases, non-payment maybe a mistake or oversight – quite simply people forget to pay. In these instances a gentle reminder to do so on time can boost timely payments. SMS messaging is a very effective and discrete way of grabbing attention and prompting action. In fact SMS has an impressive open rate of 98%, compared to just 20% of all emails. Voice notifications add an element of urgency, but also provide the opportunity for clients to be connected to an agent, with whom they can discuss payment options or difficulties.
Central to any automated accounts receivable system is the database of names, phone, numbers and email addresses – these will dictate the most appropriate communication method or communication preferences. The workflow or escalation process identifies what message template to send, at what time and through which delivery method. Critically delivery status and responses need to be easily monitored and tied back. This enables the logging of all payment requests, for use as evidence should legal action be required. Key components of any message delivered included:-
Full scalability in the cloud. As the demands of your application increase the Alerting Hub platform will automatically scale up to match
Multiple servers in multiple locations
Multiple providers available to spread load
Instil confidence in respondents that the message being received is genuine and deserves attention.
Include links to event specific landing pages, where recipients can gain further information and guidance.
Use DTMF to trigger additional events such as transferring call to live agent or placing called party into a conference
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