Over the years, we have sat in on numerous Industry Credit Group meetings, each with a unique membership structure, and almost all have the same challenges. Recently, during one of the meetings I attended, the members communicated that they were having a harder time collecting their money since their customers recently introduced a new “payment portal” for them to submit their invoices for payment.
For many credit & collection professionals, payment portals are nothing new, but for some these portals can be confusing. Here are just a few problems that were identified:
- invoices weren’t compatible with customer portal
- invoices are being skipped
- capacity issues, as some portals cannot handle large volumes of invoices
- invoice status are not always up to date
- fees are being charged to process invoices
- there is nobody to speak to when you can to follow up on an invoice that was short paid or skipped
Many credit professionals do realize that there are benefits to both sides when we leverage technology to expedite things. However, they also know there must be good communication and reasonable expectations on both sides for these programs to work.
This is just one example of how belong to an Industry Credit Group can help you navigate these various cash flow challenges. During the meeting, Group members shared their experiences and have given examples of how they have effectively navigated these payment channels to get paid.
Does your company belong to an Industry Credit Group? If you don’t, please give us a call to see if there is one that will help your company get paid faster.