An Overview Of Automating A Web Collections Portal With An Order To Cash Solution

Web Collections Portal Automation

Any business with an extensive portfolio of customers will benefit from an automated web collections portal. However, to reap the most rewards, business must ensure that their order to cash systems are functioning effectively. This article provides an overview of the steps necessary to properly automate web collections portal with an order to cash solution.

Successfully automating web collections portal demands integration between various systems, processes and data sources. This includes integrating the customer relationship management (CRM) system, accounts receivable ledger and web collections portal. Furthermore, data must be transmitted not only between the aforementioned systems, but also securely.

The automation procedure begins with the setup and optimization of the order to cash process. Whatever order to cash solution is selected must be capable of handling all types of orders, while also offering seamless data processing. This means that the system needs to be integrated with other connected systems, such as the CRM and general ledger.

The order to cash solution must also be designed to minimize invoice discrepancies, streamline the order entry process, facilitate orders by various parties, simplify payments, prevent fraud and offer customerself-serve solutions. Following this, business establish customer data uploading procedures and ensure order and customer data is accurately matched, should customers place orders via different channels.

Once the order to cash system is up and running, business need to create the web collections portal. This will typically involve creating website, which both have the customer information and the customer facing features needed.

The customer facing features must be fast, reliable and must allow customers to access orders, download invoices, view customer payment options, access payment summaries and prior payments, process credit and payment plans, and easily make payments. To ensure that customer data is safe, the web collection portal must also allow customers to securely store payment profile information, access their private account areas and reservations.

In addition, the collections portal must have the capacity to accurately store, manage and capture the data, while providing the necessary access and customer accounts. Furthermore, the system must be integrated with the customers account, as well as the customers payment processor accounts.

Finally, customer notifications must be configured for successful payment and payment failure, customer confirmations and customer accounts activity. Once all of the customer notifications are in place, the web collections portal is ready to go live.

By automating the web collections portal and integrating it with an order-to-cash solution, business are able to take advantage of many benefits, such as improved customerservice, efficient collection processes and increased accuracy of customer data. All of this leads to lower overhead costs, increased customersatisfaction, improved cash flows and enhanced customer loyalty.