{"id":956109,"date":"2020-02-20T15:53:56","date_gmt":"2020-02-20T23:53:56","guid":{"rendered":"http:\/\/customerthink.com\/?p=956109"},"modified":"2020-02-20T15:53:56","modified_gmt":"2020-02-20T23:53:56","slug":"empowering-sales-team-to-do-efficient-collections","status":"publish","type":"post","link":"https:\/\/customerthink.com\/empowering-sales-team-to-do-efficient-collections\/","title":{"rendered":"Empowering Sales team to do efficient collections"},"content":{"rendered":"
Often, one of the job that comes along with making sales is collections. It is not unusual to see the customer representatives remind their business contacts regarding pending payments. Though tedious and not the “defined responsibility”, chasing accounts receivables is an important task. Getting paid on time is definitely important for financial health of the organization. Usually sales people have better connect with the business than finance \/ accounting clerks. Yet most of the sales software<\/a> omit this from their core offering.<\/p>\n There are numerous ways to ensure faster payment. In this section of the article, we will explore some of them. <\/p>\n If you sales team is using an application to make sales, it is better to integrate the same with your financial system. This will ensure that they have data in a single place to access dues from the customer and their payment history. It will also eliminate the need of having to call finance team and getting the information every single time. <\/p>\n <\/p>\n Figure – Authors own creation<\/em><\/p>\n A customer can pay in various modes (cheque \/ wire transfer\/ Money Order). The sales team member must be able to capture the payment within the system so that finance team knows what pending invoices have been paid. <\/p>\n Every B2B business requires credit limit to be set for business \/ trading partners. Knowing the limit as well as current consumption levels ensure that sales representative can make an informed decision whether or not to make a new sale. For example, if a customer has already consumed $48,000 of his $50,000 limit, the sales rep can instantly ask him to make a payment before he places a new order worth $5,000. He can also, alternatively, get approval from his manager before taking the fresh order. <\/p>\n Customers who have been flagged for non-payment must be known to sales team. In this way, they can avoid make new sale for these customers unless the flag has been removed. <\/p>\n Company can provide a self service page where their B2B customers can check their outstanding balance and even better make a payment using their credit card from there itself. This eases the collection if the sales rep can login on behalf of the customer and ensuring payment right away from the portal.\n<\/ul>\n Technology can play an immense role in reducing the days outstanding (DSO) and generating a better cash flow. Below are some tips regarding this. <\/p>\n One of the key to having success is to make the information available across the user segments. Finance and sales team need to be highly coordinated with both the teams having access to same information. Understandably they are on different applications. They need to have their respective application exchange information seamlessly. <\/p>\nWays to empower sales rep make faster collections <\/h2>\n
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Ensuring having access to data <\/h3>\n
Ability to record payments <\/h3>\n
Access to credit information <\/h3>\n
Customers flagged due to non payment <\/h3>\n
Customer self service page <\/h3>\n
Software tips for an efficient collection<\/h2>\n
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Highly integrated applications <\/h3>\n
Secure online payment option <\/h3>\n