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 from the use case stories below:
Porvoo Energy Company:
Read Case Story ->
Professionals of Business and Technology Finland:
Read Case Story ->
