If you are responsible for the finance, collections, or accounts receivable teams at a heavy equipment dealer, we know that there are some tremendous challenges that you face on a daily basis. Not only does your team handle multiple parts, sales, rental, and service invoices, your ERP may not provide options to meet your customer’s invoice delivery demands and at the same time you’re pressured to do more with fewer resources.
Competition may be fierce in your region, and it’s not easy to stay ahead, especially when it comes to complicated, manual invoicing and payment processes. Some of the biggest concerns reported by an informal survey of construction, pavement equipment and lift truck dealers across the US include:
- Fear of losing customers to the competition
- Worries about paying high credit card processing fees
- Unease about technology advances that create extra work for the team
- Handling company growth with current resources
All of this adds up to a desperate need for you to know what your competitors are doing, and knowledge of how they are solving the problems your organization still struggles with.
We’re in a unique position to help you understand what you’re missing out on. Billtrust works with over 100 equipment dealers in the United States including over 85% of all CAT dealers, and 20% of the Top 100 rental equipment companies. No matter how unique their business is, our customers have a few things in common - they want to use fewer resources and provide better a better customer experience.
Here are a few of the secrets used by your fellow dealer’s AR teams to successfully solve their challenges and provide outstanding service:
1. Automated Invoicing and Payment Portals
Dealers are using online EIPP portals to give customers 24/7 account access to get electronic invoices, make electronic payments, and to find answers to many of their questions. These portals integrate with any ERP (or multiple ERPs) and can drastically reduce the cost, time, and resources needed to send bills and collect payments.
2. Level 3 Credit Card Processing
3. Cash App Automation
4. Smarter Invoicing and Payment Strategies
5. Automated AP Portal Invoice Delivery
In recent years, more and more of your buyers are requesting that your team manually enters individual invoices into their accounts payable (AP) network in order to get paid. By automating this process, your competitors are able to use their resources more strategically to increase cash flow, while also meeting customer demands.
These “secrets” are only the tip of the iceberg when it comes to improving scalability, accuracy, efficiency, and reducing AR costs. If you’re interested in learning more and keeping up with your competition, get in touch with a Billtrust consultant to learn how we can help you solve your unique challenges.