How many invoices are you sending your customer a week? 5, 10, 20? If you don’t have consolidated invoicing, this is death by a thousand paper cuts for your customers. Manual, tedious, redundant, time-consuming – all best describe the challenges buyers and sellers face with invoices and bills. There’s a lot of talk about creating the ideal B2B customer experience, but how a customer pays a bill is rarely considered in the journey.
There are numerous factors that impact their experience, but one way to see an immediate return is to consolidate their billing.
Why is consolidated billing so great?
A typical invoicing system sends one invoice for every purchase; no matter the time-frame or total amount. For example, if a buyer placed an order for three items yesterday and needed five new items today, the buyer would receive two invoices. Instead, send them one consolidated statement on a weekly basis or at the end of the billing period to streamline the billing process.
Consolidated invoicing not only eases the burden on you A/R team and reduces late payments it also fosters a better customer experience and engenders loyalty. B2B buyers find it easier to pay when all invoices from that period are organized into one statement. It also streamlines data imports in to accounts payable systems; 88% said they have at least some manual work to match invoices in their AP system.1 Businesses are loyal to the experiences they have, not the brand. In fact, 74% of B2B buyers will make a purchase with a competitor if their purchasing experience could not keep up with their expectations.
Want to really nail the B2B buying experience? Include line item detail on invoices for deeper insight into the expense. The AP team will thank you when they can easily map purchases to the right accounts.
What can you do about it?
If you’re ready to eliminate pains of B2B invoicing from all angles, let us know. Credit as a Service® from MSTS not only offers consolidated billing but includes level III data on invoices for complete transparency. CaaS also integrates into dozens of businesses systems including ERPs, eCommerce platforms, and CRMs to streamline the process.
Request a demo today to see how CaaS could improve your customer’s purchasing experience.
1 Capital Considerations for 2020 and Beyond: Automating Manual A/R Processes to Grow B2B Businesses, 2020 Survey from MSTS