Automated Collections for NetSuite Users

As nice as it would be to discover that perfect best practice for making late payments and delinquent accounts a thing of the past, it’s not going to happen. However, there is one change you can make to significantly improve your NetSuite automated collections. 

Efficient collections management improves your cash flow, allowing you to meet your financial obligations, save on administrative costs and focus on initiatives that drive growth. That’s one reason why NetSuite is so popular. It automates many of the repetitive and time-consuming  manual tasks in accounts receivable, reducing the inefficiencies, delays and errors that are bound to occur when humans perform those same tasks. Still, there’s room for improvement within NetSuite. And it doesn’t involve a series of complicated steps or workarounds.

The answer is actually quite simple. A third-party accounts receivable application integrated with your NetSuite automated collections process will speed up your collections and enhance the overall performance of the platform. In this blog, we’ll explain how it works, its features and how you’ll benefit from them.

Understanding Automated Accounts Receivable

As a NetSuite user, you already appreciate how automation helps to streamline your accounts receivable process. It adds efficiency by eliminating manual tasks, like data transfer and invoice creation, that eat up your time. It also reduces the errors and inaccuracies that can cause delays. In minutes you can accomplish what would have taken days before automation.

In addition to speeding up the AR process, automation means your invoices will be accurate and include all the information your customers need. Invoices and payments will be sent out automatically on a consistent schedule you set up ahead of time. Those improvements alone can lead to faster payments because you’ve made it easier for the customer to stay informed of their account status and remit payment.

But what if you could tweak the way NetSuite functions–make it even better? By adding a third-party automated AR application that seamlessly integrates with NetSuite, you can enhance your collections process, especially if you choose an integration that was designed from the outset to offer the features that NetSuite lacks–like Payference.

Enhance Your NetSuite Automated Collections

Payference was designed with “best practices” for accelerating collections built in. By integrating Payference with NetSuite, you’ll automatically implement tactics that encourage faster payments.

Faster Invoicing

It’s part common sense and part psychology: the faster you can get an invoice into the hands of your customer, the quicker you’re going to get paid. When you let a few days pass between the time that your customer receives goods or services and when you send an invoice, you’re unnecessarily adding to your DSO. On the other hand, when your invoices are created automatically and sent electronically, there’s no time lost due to processing or using snail mail. (And for those customers that insist on paper invoices, Payference allows you to customize for individual preferences.)

Then there’s the psychological factor. You’re sending a message of urgency and importance when you immediately send an invoice after you’ve delivered the goods or services. The sense of obligation is heightened, and many times that’s enough to nudge a customer to go ahead and make payment.

Bonus: You can send multiple invoices at once with the Payference NetSuite integration.

Clear Communications 

Not only is it vital to get invoices out faster, it’s important that they have your payment terms clearly defined in a logical place, not scattered all over. They should be clear and formatted in a way that makes it easy for your customer to find the information they need: due date, late fees, payment options, whether or not you offer an early payment discount, and other terms.

Bonus: All Payference communications are customer-friendly and much easier to read.  

Payment Reminders and Alerts

As with other communications, automatic payment reminders and past due notices need to be clear and sent on a consistent, predictable schedule. When these types of communications are sent out irregularly, it can leave the impression that your AR process is not standardized. Customers appreciate receiving notices and may even depend upon them, so it’s critical that they’re sent at predetermined intervals. Timely, professional notices encourage customers to make payments on time and according to your terms.  

Bonus: You can customize these communications with Payference to align with your brand and customer preferences.

Offer Early Payment Discounts

Who doesn’t like to save money? Even a small discount for an early payment can be enough to motivate a customer to make payment. Better yet, it can be an effective incentive to establish a pattern of paying early. That means you can reduce your DSO, increase cash flow and save on the administrative costs of chasing down late payments.

Bonus: Payference is customizable, so you can tailor the discounts to your needs.

Accept Multiple Methods of Payment

Again, to speed up collections you want to make it more convenient and easier for customers to pay their invoices. If you accept credit cards, ACH, PayPal and other electronic payment options you have just streamlined the payment process for your customers.

Bonus: Payference enables you to accept multiple payment methods and multi-currency.

Offer a Self-Serve Portal

B2B customers increasingly prefer the ability to handle AR tasks on their own time. You can provide this convenience by having a customer self-serve portal. This way they can check their account status and make payment without making contact with you.

Bonus: A self-serve portal is a key feature of the Payference NetSuite automated collections integration.

Benefits with Payference Integration

With Payference’s built-in features added to NetSuite, you maximize the power of AR automation. Your collections process will be streamlined. Cash flow is improved and your overall accounts receivable management is optimized. Payference’s integration is seamless and fast–many businesses are using it effectively within hours of going live.

Businesses that improve their NetSuite automated collections process by adding Payference realize the benefits almost immediately.

Improved collection rates: All Payference’s enhancements–automated reminders and notices, personalized communications, customer conveniences like a Pay Button and self-serve portal– combine to enable you to proactively manage collections. The result is faster collections and reduced overdue accounts.

Increased cash flow and lower DSO: With the collection process streamlined, cash flow is improved, allowing you to make better decisions about resource allocation. And with faster payment receipt Day Sales Outstanding (DSO) is reduced. 

Reduced errors and higher accuracy rates: Errors and discrepancies are a known factor when AR processes are built around manual tasks. Payference enhances the benefits of NetSuite automated collections to further decrease errors and improve accuracy.

Increased visibility: Real-time data gives you accurate insight into your collections performance. With comprehensive reporting and analytics you’re able to keep track of trends and make better informed decisions.

Greater efficiency and productivity: AR teams save valuable time by not having to perform repetitive manual tasks. With the time and energy saved they’re free to focus on initiatives that drive growth for your business while adding to their job satisfaction.

Better customer relationships: Professional, timely communications, easy-to-read statements, a convenient Pay Button, a self-serve portal, multiple payment options. All these features lead to a more satisfied and loyal customer.

See Why Payference is the Preference of NetSuite Users

Proactive collections management is necessary in today’s competitive B2B landscape. By combining NetSuite’s automation capabilities with the advanced features of Payference, businesses can streamline and accelerate their collections process while increasing cash flow.

There are even more benefits to enjoy with Payference integrated with NetSuite. See for yourself by scheduling a short demo today.