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In the last decade, mobile technology and social media have changed how customers engage with businesses–including those in the accounts receivable industry. Most companies, however, have done a mediocre job of capitalizing on this trend.
Consumers don’t expect to engage solely during business hours. And there are now other outlets for complaints beyond the BBB or FTC. Today consumers expect to interact 24/7 and raise their voices on social media. Here’s how you can measure consumer engagement in accounts receivable.
What Is Consumer Engagement?
Consumer engagement is the connection between the consumer and the company or brand, including all channels of communication. Engagement includes both on and offline contacts from phone calls to emails. But internet connectivity is bringing consumers and organizations together like never before, making it critical for companies to take advantage of new technologies.
Most online engagement happens through social media, consumer forums, blog comments, and company websites. Businesses must capture the attention of and interact with well-informed consumers to maintain a strong reputation.
How Do Consumers Engage With Accounts Receivable Businesses?
In an increasingly mobile world, consumers demand a high level of service from companies that want their attention. Even when they are simply paying a bill. Your accounts receivable consumers expect you to run your business much like any other. Meaning, real-time relevance, personalization, mobile capabilities, and a simplified user experience are just as important for you to provide as any other company.
Real-time relevance is an essential part of interacting with consumers in the accounts receivable industry. Reaching out just days after a payment was made may lead your consumers to reject your calls in the future. When contacting an individual, your collectors should be able to account for past interactions, payment history, and their current balance of monies owed.
Check to see if your account management software can integrate with payments to keep accounts updated in real time. If your programs aren’t integrated, explore what APIs are available. Using APIs to integrate payment processing with your account management system will provide the real-time information needed for higher customer satisfaction.
Companies are finding new ways to connect with customers for a more personal experience. In debt collection, analyzing past payments and making recommendations for the next payment or settlement amount can personalize the consumer experience. Having access to valuable information such as credit files and risk scoring can make the process smoother and build trust with consumers.
Be sure to offer consumers multiple ways to pay, including an online payment portal. Paying bills by mobile phone is becoming more common–especially among younger generations of consumers. Your services must work on smartphones to make it as easy as possible for them to pay.
Consumers should also be able to interact with your staff and make a payment while on the phone. Authentication, payment processing and compliance must occur seamlessly within a few clicks.
Simplified User Experience
These compliance factors must also be presented in your online payment portal in a simple-to-navigate format. Consumers are not tolerant of awkward, confusing systems or pages of fine print.
What Metrics Measure Consumer Engagement in Accounts Receivable?
You can measure consumer engagement through the following:
- Clicks – The consumer was successfully directed to the website within one to two clicks.
- Consume – Offer as few barriers to payment as possible. avoid making customers create unnecessary logins simply to make a payment.
- Understand– They understand the directions and successfully navigated appropriate screens.
- Completed Transaction– The consumer made a successful payment to the account.
The better the customer’s experience while engaging with your payment services, the more likely they are to complete a transaction. Creating this positive experience during payment directly impacts your bottom line.
PDCflow offers a complete payment hub created specifically for accounts receivable businesses, departments and debt collection agencies. Our solutions will provide you the streamlined, secure payment processing you need in order to successfully collect payments.
Use our Recovery Scoring service to give your team targeted information highlighting which customers you are most likely to collect from. Automated Accounts in Washington State has successfully used our scoring service for years to target accounts and increase the payments they receive.