There are many options that companies use during the collection process. Sending statements, delinquency notices, making collection calls, and in person collections. Combinations of techniques used by a variety of people within an organization often prove to be the most successful. Many traditional processes include paper reports and legacy computer systems that hide information from the people in front of the customer. The single biggest improvement mobile apps bring to companies is instant access to information.
Can this instant access improve collections? Should decision makers consider “improved collection process” as ROI for a mobile solution? Yes, certainly.
If your company sends Account Managers(AM) out to visit customers, they generally will discuss money with a customer. A good mobile app starts by giving the AMs a current Aging. This Aging should be up to date, provide an indication if a customer is behind on payment, and make it clear that commission could be lost. A good mobile app will provide access to the supporting documents and transactions. Backup documents include copies of statements, invoices, delivery receipts, upcoming orders, payment information and proof of delivery information. Customer often say , “I cannot find that invoice”, “did we actually get that?”, or have questions about transactions which delay the collection process. This is all part of the collection game. Having these documents at your finger tips allows the AMs to deliver missing or lost documents and collect faster by removing customer road blocks. A good mobile app will complete the collection process by receiving payments whether swiping the credit cards or recording the Receive on Account transaction.
Do decision makers consider “improved collection process” a ROI for a mobile solution? Yes, they should.
Let’s say your company has an average collection period of 47 days. A mobile app can improve this process by providing an up to date electronic aging instead of a report printed each week. AMs are much more aware of what is going on with the customer. They are aware of potential lost commission and will collect harder. They have the tools to handle evasive customers. Customer that say they lost the invoice, AMs can say no problem, here it is. A self-service well equipped sales team can take all these little pieces and use them to shorten the average collection period by days. Which most definitely is a Return on Mobile Investment.
John Kangas is the CEO, partner and developer at FwdMbl Solutions. FwdMbl Solutions, LLC is a provider of Enterprise Android and iOS Apps for Mobile Sales, Proof of Delivery, and Account Management.
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