Hello and happy March! Please take a moment to review the most recent enhancements and releases in your TermSync solution, along with a few important updates.
Last Call for EAUC Registration
Have you checked out the Collections Management Power Track for the Esker User Conference (EAUC) in April? We've got an incredible line-up of speakers and contributors, and we don't want you to miss this opportunity to learn, grown, and gain insight from subject-matter experts all while having some fun with our team.
If you haven't registered yet, you have just a few days left to join us! Click here for more information on EAUC 2018.
Automate Payment Reconciliation
Getting paid through TermSync is a huge benefit of moving to a cloud-based solution that supports a customer portal for self-service. As more and more of your customers take advantage of the online payment options you offer, how you are managing the reconciliation process?
If you're ready to automate this process, your TermSync solution can facilitate the automatic delivery of the payments settled today to your choice of email address or through secure file-transfer (SFTP). Click here for more information.
Credit Reporting Through anscersX
Esker has partnered with Credit Management Association to bring you the exclusive anscersX multi-bureau trade credit report that contains the key factors about your customers' payment-habits from the major credit reporting bureaus.
In one click, you can easily get information you need to make most credit decisions, as the anscersX multi-bureau commercial credit report combines key elements from the three largest trade-credit reporting agencies: D&B, Experian, and Equifax. Soon you will also have access to Ansonia (for domestic reports) and CreditSafe (for international reports).
AnscersX provides credit managers and analysts the most complete payment and public record information available. The report is affordably priced, which is based on the number of reporting agencies you request. Better yet, anscersX reports are accessible through TermSync and available on a transactional basis – no contracts, no minimums, no hassles! Click here for more information.
Put Your Collection Strategy Into Motion - Webinar Recap
Thank you for those who were able to attend the TermSync Consult-A-Pro Webinar on March 8th, 2018. If you weren't able to attend, here is the recording.
To recap, here are the best practices presented in the Webinar:
1. Customize the message to your customers in Payment Reminders to let them know specifically what actions you want them to make when they receive the email.
2. Include a signature in the payment reminders along with a phone number. This personalizes the email and gives your customer another easy way to get in contact with you for a good customer experience.
3. Take advantage of all three levels of payment reminders. Customizing the messaging here to mirror your company’s collection policy is key. Levels 2 & 3 are blank until they are populated by you because next steps are different for each company (i.e. sent to collection, on hold, etc.). By enabling levels 2 & 3, you are not sending out MORE reminders, you're sending more strategic messaging.
4. Send payment reminders before the invoice is due – this gives your customer the opportunity to get in the portal and schedule payment.
5. Send reminders each week! REMEMBER – you can customize this for each customer. Don’t let a couple of customers who don't want a reminder each week control your entire strategy.
6. Remove the transaction details from the payment reminder so the customer needs to click into their portal to view the details. Remember, all the customer needs to do is “click view account statement” and enter their email address for access.
7. Use the payer rating to get your customers attention! While they may not like it at first, it is based off their payment history and that can lead to a conversation about how it can be improved.
8. Use bulk-messaging within the Invoice Listing to target a customer group.
9. Make sure the number of collection calls required is an achievable goal to work through in one day for the collection team.
10. Set an escalation rule within your collection call workflow. That will highlight customers over a certain balance so you can assign a task to anyone else who needs to get involved in the collections process.
For more information on best practices, join our conversation in Esker All-Access.
As always, we want to thank you for your participation and feedback as a valued user.
-Your Esker Team