Part 2: Why YayPay’s payment process is the best in the business
Getting customers to pay faster can seem impossible. That's where YayPay comes in.
Part 1 of this blog post series outlined exactly what’s so special about YayPay’s user experience. From the technology’s unparalleled customization capabilities to its near flawless uptime that ensures it’s always working when you are.
Improved control of your AR management? Check. But what about the seemingly impossible task of controlling customer payment speed? Well, it turns out that YayPay has some pretty helpful features for that as well.
One of a kind
We’re a little proud of this…
Did you know that YayPay is the only comprehensive, integrated platform that provides electronic invoice presentment and payment (EIPP), collections, credit and cash application? This enables you to flexibly manage your buyers across all channels of communication, including email, print and postal mail and through our self-service payment portal.
How does YayPay compare to your current solution?
Tailored invoice delivery
Even in the age of digital experiences, email invoice reminders can bounce, be missed or ignored. This leads to a long tail of invoices and the likelihood of late payments.
With YayPay, you can tailor your invoice delivery method to suit your customers. Whether you want to send documents electronically, via physical mail, or both, YayPay enables you to meet your customers where they are. This mitigates payment risk and drives first-class customer interactions.
Every organization sends a proportion of invoice-related communications by post. With YayPay, you can reduce the manual work involved in maintaining two separate processes — physical mail and email invoicing — and monitor all communications in the YayPay platform. You can also set up a global rule that automatically transfers buyers to a postal workflow if this is their preferred communication channel. This can help attract attention from buyers as it looks more “official”. And more attention means fewer late payments.
It’s a truth self-evident that the easier it is for your customers to make payments, the more likely they are to settle invoices on time. When we’re making a purchase in our personal lives, we don’t expect to encounter obstacles that make it difficult to complete the transaction. If we did, we’d likely abandon our attempts to pay.
Yet in accounts receivable, this happens regularly. It can be as basic as customers not having easy access to their account details, which leads to them having to call you for balance updates and copies of invoices. Or perhaps they aren’t able to pay via their preferred payment channel. These instances reduce the likelihood of your customers paying on time — or even at all.
YayPay’s self-service payment portal solves these challenges. Customers can instantly see current and past due invoices, balance due updates and payment history. They’re also able to take advantage of payment options, provided via wire, ACH and credit card. And, for those customers working remotely, they’re able to access it at any time, from anywhere.
With YayPay, it's never been easier for your customers to access account details and make payments!
This saves hours of work done by your already overloaded AR team, and at the same time allows your customers the flexibility to manage their business on their own terms. Rather than scheduling calls during your service hours, they can rely on 24/7 availability of their account information. The result? An increase in on-time payments and cash flow for your business.
A localized experience
EY research revealed that international payment flows will reach USD$156 trillion this year. If your payment process doesn’t have the capability to manage cross-border transactions or offer multi-currency options, you’re missing out on a huge growth opportunity.
Being able to provide a localized experience to your customers, wherever they are in the world, is transformative. It’s not simply about being able to accept international payments. It means offering the same flexible payment options such as ACH, wire or credit card, and ensuring that customers aren’t saddled with high foreign exchange rates when they settle a bill. Many AR solutions still don’t enable this.
Embedded in YayPay is the Flywire technology, an easy-to-use payment solution that provides international payers with a streamlined experience, saving vendors and customers time and money. Flywire enables users to deliver payment requests to customers in their local currency and language, ensuring that service is always personalized. This goes a long way toward building trust and loyalty with customers and has a big impact on how they treat the vendor in return (did anyone say “faster payments”?).
Security you can trust
Did you know that only 27.9% of organizations globally are able to ensure full PCI compliance? This means that almost 3 out of 4 businesses don’t fully meet security standards — the same standards that are responsible for protecting customer payment data!
Customers need to know that their information is protected at all times when making payments. Of course, YayPay’s payment portal is fully PCI-DSS compliant, following the 12 broad requirements and 200 line-item requirements stated on the PCI Security Standards website. We know it’s not the most glamorous benefit, but our customers would miss it if it wasn’t there!
Time to perfect your payment process
Want to see how YayPay works? Our AR experts are just one click away.
To learn more about how YayPay helps optimize your accounts receivable, watch our on-demand webinar How WS Audiology Boosted Business by Making the Customer King.