An effective system for your accounts receivable management is critical to the success of any business. It allows you to optimize your cash flow, mitigate risks and maintain a healthy financial position. Within Credit Management Software, the debtor portal plays an essential role. In this article, we are going to discuss why a debtor portal is an indispensable part of a good Credit Management Software.
What is a debtor portal?
CreditDevice’s debtor portal is an online platform that allows customers to view and manage their outstanding invoices and related information online. It provides a streamlined and automated way for both companies and customers to manage their credit management processes, and it eliminates unnecessary inbound email traffic.
Solution to common problems
One of the most common comments within accounts receivable management is, “I didn’t receive the invoice, can you send a copy invoice?” This can lead to delays in payments and frustration for both customers and businesses. Fortunately, the accounts receivable portal can solve this problem by making copy invoices readily available for immediate download by the customer. In addition, it is possible to have the customer pay directly via IDEAL or other payment options.
By making copy invoices readily available through the accounts receivable portal, customers no longer need to ask for copy and thereby delay their payment. They can easily login to the portal, navigate to their invoice history and download the required copy invoice immediately. This provides customers with easy and immediate access to all their invoice information.
Benefits of a Debtor Portal
In addition to solving the problem of missing invoices, the debtor portal offers many other benefits. It improves the customer experience by offering customers self-service. They have 24/7 access to their invoices, payment history and other relevant information. Customers can easily make payments, set up payment arrangements, report complaints or ask questions through the portal. This reduces the need for phone contact or emails, increasing efficiency and improving customer satisfaction. Moreover, customers are not bound by business hours and can also access information or take action in the evening.
A tool for efficiency and cash flow management
The debtor portal plays a crucial role in making your credit management processes more efficient. It automates and streamlines tasks, saving both you and your customers time and resources. Your customers themselves have access to their invoices and payment information, resulting in less administrative burden and more efficient handling of outstanding payments. Thanks to the direct link between the debtor portal and the Credit Management software, the process is seamlessly integrated. For example, for a payment arrangement, you only need to give approval; the software takes care of the rest. The advantage is that you can decide which functions you want to enable. For example, don’t want customers to be able to create a payment schedule? No problem, that option can easily be disabled. The same goes for functions such as making a pledge or changing contact information.
It often happens that customers’ debtors do not pay their bills on time. The debtor portal enables them to communicate and pay outstanding items efficiently and easily. The effect is that our customers get paid faster which also has a positive impact on cash flow.
Debtor portal: essential for any business, large or small
It’s abundantly clear: the debtor portal is an essential part of your Credit Management Software. It contributes to a better customer experience, increases efficiency and improves the management of your cash flow. With a debtor portal, you optimize your credit management processes and strengthen the financial health of your organization.
Moreover, the debtor portal proves to be a particularly useful tool for companies that do a lot of business with SMEs or self-employed people. But larger companies and corporates also reap the benefits of the debtor portal. These companies often ask for copy invoices or want to add a PO number, for example. Normally this takes a lot of time, partly because invoices have to be approved internally before they are paid. By providing access to copy invoices and the ability to add PO numbers, you can significantly speed up this process. The debtor portal thus proves its value for companies of all sizes.
Another significant benefit of the debtor portal is its positive impact on your cash flow management. By offering customers different payment methods and minimizing payment delays, you can receive payments faster and thus optimize your cash flow. A reduction in the number of outstanding invoices has direct financial benefits and reduces the risk of default.
Want to know more about the debtor portal?
Do you have questions about the debtors’ portal? Contact us online or call us at +31 71 36 400 60.
