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1、Five Steps to Awesome Improve Your Cash Position by Perfecting Your Global AR Customer ExperienceFIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE1Executive SummaryMany companies consider the customer experience to be something that only happens with sales,marketing,and customer su
2、ccess.But have you stopped to consider that your Accounts Receivable experience is one of the primary touchpoints that your customers will have with your organization?When customers think about a great customer experience,they are comparing you to personal shopping experiences.The“Amazon effect”has
3、changed expectations about experienceseven in B2B.Customers are demanding their vendors be convenient,fast,frictionless,and easy.For many B2B organizations,legacy systems,disparate data and systems,lack of visibility and traceability,and manual processes are the antithesis of delivering on these exp
4、ectations for their customers including and especially when it comes to interactions with your finance team.Instead,they create conditions that tend to drive customers away.For organizations with global customers,those experiences can become even more complicated.Source:Forbes96%of customers will le
5、ave a company due to bad service.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE2Table of ContentsU N D E R STA N D I N G G LO B A L TO U C H P O I N T SWhat are touchpoints?How do they differ from interactions?What about moments of truth?WH Y R EVI EW YO U R G LO B A L ACCO U N
6、T S R E C E I VA B L E EXPE R I E N C E?E M PLOY E E EXPE R I E N C E A N D CU STO M E R EXPE R I E N C E G O H A N D-I N-H A N DF I VE F E ATU R E S YO U R CU STO M E R S (A N D E M PLOY E E S)R E A L LY WA N T1.Self Service Payment Portal2.User-friendly All-in-One Portal3.Multi-currency options4.A
7、 Seamless Payer Experience5.Security and ComplianceI D E N T I F Y I N G YO U R PE R F E CT G LO B A L A R CU STO M E R EXPE R I E N C ET H E T H R E E T S TO E N A B L I N G A PE R F E CT G LO B A L A R CU STO M E R EXPE R I E N C EA N U N D E R U S E D EXPE R I E N C E ST R AT E G Y:CO M M U N I C
8、AT I O NType of information that needs to be sharedConsiderations When CommunicatingFIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE3Understanding Global TouchpointsIts important to remember that your customer experience is not just something that happens at the point of purchase
9、or via the contact center.WH AT A R E TO U C H P O I N T S?Touchpoints are any method where your customer comes into contact with your brand or vice versa-anything from emails to online portals to credit applications to invoices to contact centers and beyond.Some touchpoints,such as online reviews t
10、hat are not initiated by the brand,may be outside of the brands control but are still important to acknowledge.H OW D O T H EY D I F F E R F R O M I N T E R ACT I O N S?Sometimes person to person,sometimes person to system,interactions are how your customer engages with your brand or how your brand
11、engages with your customer.Channels are where these interactions take place.WH AT A B O UT M O M E N T S O F T R UT H?Moments of truth are those make-or-break moments where your customer expects you to execute flawlessly;if you dont,the customer may not continue with the transaction or interaction o
12、r with the relationship.For example,a customer may be about to pay an invoice,but the process of doing so is so difficult that they choose to come back to it later,when they have more time.Had your experience been easier,you would have received payment.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR
13、 CUSTOMER EXPERIENCE4Why Review Your Global Accounts Receivable Experience?Source:Flywire92%believe if their company had a better solution for A/R,they could raise their earnings per share(EPS)The areas that cause pain for your Accounts Receivable team will,ultimately,create challenges for customers
14、,too.They must be identified and reimagined.Touchpoint mapping has identified the touchpoints,but it wont take you deep into the experience to really understand whats happening that causes the experience to break down.ACCO R D I N G TO I D C,T H E M O ST C H A L L E N G I N G A S PE CT S O F ACCO U
15、N T S R E C E I VA B L E M A N AG E M E N T A R E:0102030405Cash management(application,posting,and remittance)Trade promotions management(discounting,deductions,and disputes)Credit management(credit reviews and customer onboarding)Payments(invoicing,ACH,and credit cards)Collection management(dunnin
16、g letters and log calls)FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE5Employee Experience and Customer Experience Go Hand-in-HandGartner shares that your financial team workforce is aging and getting ready to retire*.The only demographic age group growing in finance is 60+.In t
17、he very near future(or now)you will likely have difficulty attracting and retaining financial talent.Consider how each of the below impacts not only your staffs workload but also the customer experience.Different customers have different billing requirements and payment preferences.Terms and credit
18、amounts vary by customer.Some customers may require that you submit your invoices into their accounting portals,while others require email or even hard copies.Delivery preferences will vary by customer.Some may need different products and/or services broken out separately on different invoices in di
19、fferent currencies.And yet others may have discounts or billing terms that are handled as an exception rather than the rule.On top of those variations,invoices must be timely,detailed,and accurate;disputes,which can take up to 30%of the credit-to-cash process,must be handled quickly,professionally,a
20、nd respectfully;the collections process must be friendly and nonaggressive.And dont forget as your customer base grows,the more customers you have,the more invoices to create and collections cases to follow up on.48%of B2B buyers did not complete a purchase for their companies because their preferre
21、d payment method wasnt an optionSource:Balance*Source:GartnerFIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE6Five Features Your Customers(and Employees)Really Want1.S E L F S E R VI C E PAY M E N T P O RTA LYour customers do not want the act of paying you to take a lot of time or
22、 effort.No one likes parting with money,and a frustrating experience when doing so only makes it worse.Providing an integrated payment portal is critically important to your DSO.It gives buyers the flexibility to pay quickly and smoothly as soon as they receive an invoice.Ideally,they want you to pr
23、ovide a variety of payment options,including international transactions,credit/debit cards,or electronic bank transfers.You should also allow customers to quickly access the payment portal by simply clicking a link that you provide via email.Businesses that rely on manual accounts receivable(AR)proc
24、esses have 30%longer average DSO than firms that rely on medium or high levels of automated processes for collecting receivables.This significantly impacts their abilities to maintain their cash flows and keep their businesses up and running.Source:PYMNTSFIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL
25、AR CUSTOMER EXPERIENCE7Five Features Your Customers(and Employees)Really Want2.U S E R-F R I E N D LY A L L-I N-O N E P O RTA LYour customers also want to be able to quickly view their account information.Specifically,they want to have an easy,frictionless way to view their open invoices,account cre
26、dits,and the total amount due.They also want an overview of closed invoices and payments made without having to email or call a person.Your experience should provide them with the freedom to take multiple actions regarding an invoice,such as making a promise to pay,raising disputes,or downloading a
27、PDF of the invoice in question.It should also store things like credit card information,making it easier to make payments in the future.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE8Five Features Your Customers(and Employees)Really Want3.M U LT I-CU R R E N C Y O PT I O N SYour
28、 multi-national customers want an AR solution that provides global payment options.Often,this saddles your business with high foreign exchange rates and limited local payment options.If you have a multinational base,or looking to expand your markets,consider adding multi-currency payment options to
29、your customer experience so that invoices can be issued and paid in local currency.Partners can provide foreign exchange market management and currency exchange.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE9Five Features Your Customers(and Employees)Really Want4.A S E A M L E S
30、 S PAY E R EXPE R I E N C EYour customers want a singular location to resolve their payments,rather than being forced to leave your portal and learn how to use a separate solution or process to complete their transaction.Merchant service providers can enable enhanced payment options such as the abil
31、ity to make payments in their preferred methodsuch as credit card or ACHand currency without any manual conversion work.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE10Five Features Your Customers(and Employees)Really Want5.S E CU R I TY A N D CO M PL I A N C EYour customers mus
32、t trust that their information is secure and compliantthat the sensitive information they share will be protected.An important component of their ability to pay you electronically is full PCI-DSS compliancemeaning that you comply with the 12 broad requirements and 200 line-item requirements stated o
33、n the PCI Security Standards website.27.9%of organizations globally can ensure full PCI compliance.Despite the high cost of data breaches,onlyWith 90%of data breaches occurring because of financial motivations,creating an AR experience that follows the rigorous guidelines laid out by the Payment Car
34、d Industry Data Security Standard while still creating a seamless experience is not simply a luxury,but a necessity.Additionally,for organizations with global customers,local,regional,and country-wide compliance and security requirements are a must-have.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL A
35、R CUSTOMER EXPERIENCE11Identifying Your Perfect Global AR Customer ExperienceYour company likely thinks about Accounts Receivable in terms of processes,while your customers think about credit,invoices,payments,and collections.To make their total AR experience customer-centric,its important to look a
36、t your process from their point of view.There are three ways to achieve that,to understand your customers and where the experience is going well or not.Gather:Ask your customers(and listen)for feedback about their experience.Dont leave out any important touchpoints or interactions.Then,pair their fe
37、edback with the data you collect as they interact and transact with your brand.Also,make sure to get feedback from other internal departments about their satisfaction with your interactions.Understand.Your product,marketing,or sales team has likely created profiles of your most common customerstheir
38、 pain points the problems they are trying to solve,and the jobs they are trying to do.Ask them for that information to understand how different personas will want different things as they interact with you.Empathize.Walk in your customers shoes to get a clear understanding of the steps they must tak
39、e to complete your most common use cases.Dont forget to define metrics!Many use net promoter score(NPS),customer effort score(CES),and customer satisfaction(CSAT)but also look at internal operational metrics like days sales outstanding(DSO),average days delinquent(ADD),accounts receivable turnover,t
40、o identify the return on designing and delivering a better experience.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE12The Three Ts to Enabling a Perfect Global AR Customer ExperienceThe first step in AR customer experience is shifting your finance teams mindset to realize that t
41、hey are not dealing with a business or an account number,but a person just trying to do their job for their organization.They are also busy,may have outside stressors,and other priorities.Rather than focusing on the tasks or the processes,your team needs to focus on the person at the other end of th
42、e line(or computer).I N O R D E R TO E N A B L E T H E M TO D O T H AT,YO U N E E D TO PR OVI D E 3 K EY T H I N G S:Tools.The tools and systems that employees have must be that single source of truth across your organization.This allows them to serve your customers the way that they deserve to be s
43、erved.Manual processes,Excel spreadsheets,legacy systems,and disparate data all waste employee time,making it very challenging for employees to focus on customers,communicate better,and deliver a better experience.Training.Your team comes with varying skills and experiences.Many will have to be trai
44、ned in the soft skills needed to communicate(by any channel)with care and empathy(rather than tones that are not aggressive or patronizing,which can often happen in collections conversations).Time.Your teams need the time to focus on customersrather than on the many manual and menial tasks that have
45、 to get done every dayso that accounts can be established and payment received in a timely manner.FIVE STEPS TO AWESOME:PERFECTING YOUR GLOBAL AR CUSTOMER EXPERIENCE13An Underused Experience Strategy:CommunicationYour customized communication cadences should be created by:TY PE O F I N FO R M AT I O
46、 N T H AT N E E D S TO B E S H A R E D Billing information including invoices,payment reminders,dunning letters and“thank you for your payment”letters.General business updates including quarterly newsletters or annual state of the business communication from your CEO.Changes in your policies or your
47、 customers account status such as delivery of tax statements,or your business response to a world event,such as COVID-19.CO N S I D E R AT I O N S WH E N CO M M U N I CAT I N G Frequency:For example,invoices can go monthly or weekly based on terms,but company updates might be sent monthly or quarter
48、ly Location:Consider what time zones and countries your customers are in so that youre not sending important communication at the end of their day(only to get buried at the bottom of their inbox the next morning)Local laws and customs:Ensure that you are familiar with and follow GDPR standards,for e
49、xample,and that youre acquainted with the business communications expectations associated with the country or region you are doing business in.Sensitivity in these practices will solidify a sense of trust and a feeling of being understood that is highly valued by your customers.Internal processes.Wo
50、rk into your communications cadences at what point additional parties need to be brought into the loop.For example,after the second payment reminder,you might add the appropriate sales rep.Pay attention to the timing of your messages to ensure that customers dont feel overwhelmed or underserved.Stea
51、l these workflows:Need some help getting started?Weve got three tried and tested workflow templates(with email copy)for you to use.View workflow templatesAbout FlywireFlywire is a global payments enablement and software company,on a mission to deliver the worlds most important and complex payments.W
52、e use our Flywire Advantage-the combination of our next-gen payments platform,proprietary payment network and vertical specific software-to help our clients get paid,and help their customers pay with ease,no matter where they are in the world.Learn more about Flywire at About Quadient AR by YayPayQu
53、adient Accounts Receivable Automation by YayPay is a leading accounts receivable automation solution providing intelligent credit-to-cash software,payment processing and industry best practice.Our end-to-end platform ensures process efficiency,team productivity and customer delight while accelerating cash flow.Quadient supports hundreds of thousands of customers worldwide in their quest to create relevant,personalized connections and achieve customer experience excellence.For more information,visit Quadient AR at