What is electronic adoption?
For accounts receivable practitioners, electronic adoption is the process of transitioning their customers from paper invoices and check payments to electronic invoices and digital payments. Electronic adoption is part of a wider trend in accounts receivable toward the digital transformation of business processes.
But unlike other methods of digital transformation, a company cannot achieve electronic adoption on their own. They need their customers to willingly accept electronic invoices over paper ones and choose to pay through digital channels over paper checks.
Companies must, therefore, use a variety of marketing tools and strategies to gain customer adoption. The first of which is education about the benefits.
What are the benefits of electronic adoption?
Save on costs
The costs of paper, printing, stamps, and the labor spent generating and delivering paper invoices can be eliminated. Though there are costs associated with electronic invoicing, they are far smaller than the cost of paper invoices. No matter how efficient your print process is, the biggest cost-savings occur when you don’t print and mail invoices at all.
Faster realization of cash
Transitioning customers to automated invoice delivery and electronic payments will accelerate your cash flow because electronic payments arrive faster and more of your users will be taking advantage of quick payment incentives. Billtrust has found that transitioning more payments to electronic channels has a direct and powerful impact on lowering days sales outstanding (DSO).
Better user experience
Your customers will find that their invoicing and payment interactions with you are more flexible. Electronic invoicing methods like supplier-hosted self-service portals allow your buyers to check their invoices whenever they wish. Opening multiple digital payment channel options to them will give them a greater choice in terms of payments.
AR team flexibility
When a greater percentage of AR processes are conducted electronically, your accounts receivable (AR) team will have an easier time working within flexible environments. Whether you want to expand work-from-home days or if your team just needs to work from a different office or location, cloud-based electronic processes are accessible from more work environments.
How does Billtrust make electronic adoption easier?
Deploying electronic billing and payment software is just the beginning. You need to gain adoption of these new methods with as many of your customers as possible. This is where Billtrust can help.
Once you decide to take advantage of Billtrust’s Managed eSolutions Program, your team will be assigned an experienced manager who is dedicated to helping you achieve success. Together, you will assess your unique electronic adoption goals, create a plan, identify stakeholders, create a timeline and execute.
The Billtrust electronic adoption team is made up of experts who are dedicated to your customers’ enablement of electronic invoicing and payments. They utilize a core of proven best practices to customize a strategic plan designed to drive conversion and meet your electronic goals. The electronic adoption team utilizes a proprietary customer analytics platform known as the Billtrust Business Directory to segment and accelerate your results. You will have 24/7 access to a metrics dashboard and be able to monitor your electronic adoption progress.
At Billtrust, our goal is to make our customers’ jobs easier. To understand how Billtrust can help you reach your electronic adoption goals, learn about our Managed eSolutions Program!