The annual Credit Research Foundation (CRF) Forum and Expo took place in Seattle, Washington from August 12 - 14 this year. The event brings together top solution and service providers with credit professionals to share knowledge and best practices. Since YayPay is an accounts receivable (AR) solution that provides technology with a personal touch, we value the opportunity to have face time with our peers and end users.
This is YayPay’s second year attending CRF as a sponsor. Just as last year, CRF’s Expo -- particularly the Open Forum -- was an excellent opportunity for us to listen to the obstacles faced in the back office, and share in the solutions. Participation at this forum is extra valuable as it is designed for authentic group problem-solving. Here are our responses to several feature topics that caught our interest:
- Deductions management can get very chaotic -- how can we make it better?
Managing deduction is often about preventing it in the first place.
This means engaging your customers early to understand when they are going to potentially short pay an invoice. This also helps you monitor exposure to customers that you know often short pay. To do all this in a scalable fashion requires you to know their payment patterns. Our product not only helps you understand when customers will pay you but what the patterns are in which they are paying you. It can also loop in sales and customer success reps, as anytime a deduction or short pay might be made, there’s typically another player in the organization that’s involved to rectify the issue.
- Why is it important to have a payment portal that can integrate with your customers payment activities?
The customer payment portal is a non-negotiable part of an AR solution, particularly for companies building out a holistic customer experience. Put best by one of our end users, your existing ERP and back office software may assist you in collecting, but neither provides customers with an invoicing experience. Having a customer payment portal allows you to provide your customers with visibility to payment information, access to payment options, and the freedom to pay in the way they want.
For you, it means faster cash, more of it, and stronger customer relationships. Incorporating this portal into existing workflows helps make this experience seamless, and allows you to be thoughtful with each customer regardless of the volume you are facing.
- How to keep your back office staff motivated?
Motivation is less related to perks and more tied to creating impact. We can talk about parties, retreat, financial incentives, but how effective are these remedies when the everyday tasks -- the responsibilities of the actual role -- stay unaddressed?
Too often in the software industry we talk about building that perfect tech stack, optimizing processes, building sustainable systems. Only as an afterthought do we talk about addressing the everyday satisfaction of the people responsible for these tasks.
How do we engage collections specialists in a conversation on job satisfaction when they are drowning in invoices and spreadsheets? How can heads of finances be strategic in value creation when they are drowning in reporting and stagnant data? Before we think about motivational tactics, let’s see if the job itself is motivating.
And that’s all, folks! Nicole (our Chief Product Officer) and I had a fabulous time at the event meeting everyone. Special thanks to Angela McDonald and Tom Diana for your support to make this all possible. Thank you to Seattle, too, for the great food, beautiful scenery, and wonderful hospitality.