YayPay’s cloud-based, smart AR solution not only improved cash forecasting and gave Watermark Insights the visibility and accuracy they needed. When Covid-19 hit, it was critical in improving customer retention, through automation of inefficient AR processes.
Implementing YayPay provided Hwang with the data analysis he needed to run the business efficiently, and even grow it, during difficult times.
“YayPay gave us more predictable forecasting, allowing us to understand cash flow from a bottom-up perspective. Now we could see what the payment trends were and manage our business accordingly.”
A recent poll by YayPay indicated that 88% of businesses said minimizing customer churn was their highest priority since Covid-19 struck.
However, Watermark Insights’ disconnected systems and manual processes were not geared to achieve this and managing customers was labor intensive and time consuming.
Amanda Gray, Director of Revenue Operations for Watermark Insights, said, “Before YayPay, our data sources weren’t connected and we managed our AR processes through manual tools. When we implemented YayPay, our customer satisfaction scores shot up - all billing contact information is updated and shared across our systems, which minimizes late invoices and brings payments back into our business more quickly.”
Automating order to cash also brought significant benefits. “About 30% of our collections was still based on paper checks when Covid-19 hit,” Hwang said. “The automated communications that YayPay’s platform provides allowed us to quickly transition our clients to electronic invoicing.”
The automation and optimization of the collections process also meant: