Back to Blog
Switch to e-Invoicing

How to activate electronic invoices to reduce late payments?

The benefits of electronic invoices has multiple ripple effects for both B2B and B2C industries. Activate it with this simple action plan!

On-time

Jun 14, 2022

How to reduce late payments with electronic invoicing

Did you know using electronic invoicing for your credit collections helps to reduce late payments significantly? According to a study made by Zervant (in Finnish) – with data of over 500000 invoices – they found that 74% of B2B customers paid their dues on time if they received invoice as an e-invoice. But if the customer received the invoice via paper, only 65% of them paid on time. The same trend applies to B2C.

Here is an action list for both B2B and B2C companies to lower your late payments by 25% with e-invoicing:

For B2B:

  • Activate your e-invoicing with your service provider and invoicing platform
  • Start gathering the e-invoice details from your customers
  • Ask the current customers for the information or gather it from their website for external online services. Some invoicing platforms also offer this information automatically.

For B2C:

  • Activate your e-invoicing with your service provider and invoicing platform
  • Promote the possibility of e-invoicing for your customers via multiple channels
  • Depending on the country you do business in – you might also have a possibility to ask permission from customers to send e-invoicing activation directly to their online bank.
  • Be pro-active. Customers don’t just switch to e-invoicing even if they might like it. They need to encouraged via multiple channels and should be made aware of all the practicalities and benefits.

Considering to switch to einvoicing?

Find out how to do it cost effectively with automated communication solutions which can activate your customers fast and non-intrusively here.

 

 

Connect with our experts

Find out how automated communication solutions can help activate your customers to start using eInvoicing and get the benefits of its related ripple effects

mobile_communication

Latest Articles

5 signs you need to upgrade to an Automated Calling System

5 signs you need to upgrade to an Automated Calling System

Are you experiencing these business challenges? We have simplified them as 5 signs to help you realise your need for an automated calling s...

How to improve debt collections with automated communications?

How to improve debt collections with automated communications?

Explore the benefits of automated mobile communications to know how to improve debt collections seamlessly and cost-efficiently.

What are the benefits of using automated phone calls for business?

What are the benefits of using automated phone calls for business?

Let's talk business! Discover best applications, solutions and benefits of automated phone calls for business to know how it can boost grow...