C-suite leaders are rightfully focused on EBITDA after disruption to business in 2020. But too often, they overlook or are unaware of the untapped opportunity in their A/R function.
As B2B buyer expectations shift, A/R teams need to adapt. But in an economy altered by the pandemic, many A/R teams need more support to provide the modern, “one-click” buying experiences that are becoming standard in eCommerce.
Driving Better EBITDA Outcomes
How can A/R have a positive impact on EBITDA? The automation of daily tasks not only improves the customer experience but unburdens A/R teams to focus on complex operations that drive better EBITDA outcomes. By improving the payment process and related administrative functions, the A/R team is better equipped to scale the white-glove service they give to their largest customers to all buyers, helping to increase loyalty.
Investments in the tools and services need to be made from the top, and there’s plenty of reasons the c-suite should pay attention. Poor customer service from A/R departments can lead to dissatisfied customers, abandoned carts, arduous collection efforts and diminished customer loyalty. These missteps can be measured in hard dollars. The more issues that can be solved, the larger the positive EBITDA impact.
Overcoming A/R Challenges
By combining our first-party data on A/R and buyer expectations and our expertise on the payments process, we’ve compiled what we consider a comprehensive guide to transforming A/R. In it, we’ve identified the challenges, opportunities and next steps for organizations ready to offer a better crediting, invoicing and payments system to their customers.
Additional insights provided by our white paper include:
- Data-backed takeaways about A/R’s challenges in delivering a great customer experience, like the four day gap between purchase and credit onboarding, or how 27% of AR teams are still manually screening and extending credit.
- Why better customer service in A/R directly translates to more positive EBITDA in organizations
- Industry use cases that show how modern payment solutions can transform the role of A/R for manufacturers, marketplaces and retailers
- How a strong partner like TreviPay can be critical to providing better customer service, and help reduce risk of non-payment and greatly reduce the administrative burden of invoicing
We also focus on the soft benefits these improvements can have for business. A better equipped A/R team is less bogged down with collections, onboarding and performing credit assessments. Aside from the impact on cash flow, these technology upgrades can lead to a happier, more productive A/R team that can focus on delivering customers prestige-level customer service. It can also help businesses who have plans to launch a marketplace of their own.
Leaders at organizations of all sizes can identify direct ways to drive positive EBITDA and provide exemplary purchasing through better technology and streamlined processes. And as we explain in our guide, the answers may be easier and more accessible than you think. Are you ready to give A/R teams the tools and support they need to meet this reality?