Five Ways to Upgrade Your Financial Operations.
There have been a lot of changes in the world of financial technology (“fintech”) this last decade, much of it very positive. For example, it’s easier to collect money from customers now than it ever has been. But there’s still room for improvement.
When your business is running well, you might consider an upgrade to your existing processes to ensure a positive customer experience. If you are looking to improve your payment options, we have five quick tips.
1. Manage all your financial activities from one platform
It seems so simple, but the truth is many businesses often use multiple applications to manage their financial workflow: Quickbooks for accounting, DocuSign for contracts, and multiple payment processors for collecting money.
Efficient finance professionals unify their processes in a single platform, which isn’t simply for convenience. Managing accounting, disbursals, contracts, and vendors from one system can save on hundreds of hours of labor and reduce human error.
Consider that Zoho Books and Zoho Sign integrate natively with Zoho CRM.
2. Keep your partners coming back
After you’ve joined the experts in unifying your financial processes, you’ll want to make sure you are expertly servicing your customers and suppliers and not leaving them waiting to hear back. Share real-time updates, such as the success or failure of payment, so that they can feel confident in your organization without wasting precious staff time. Customer (or vendor) portals work to give your clients peace of mind 24 hours a day. Just because you’re closed for business doesn’t mean everyone else in your value chain is!
3. Offer a plethora of options
Over many years in business, we’ve realized there is no “one-size-fits-all” process or system and what matters most is trust. The reason customers keep coming back and suppliers keep giving worry-free service is that they trust you to solve their problem and meet them where they want to be. Make sure you don’t define your systems and process too narrowly. Of course, it’s much easier to do that when you aren’t juggling multiple applications per transaction or sales channel.
4. Be flexible
With the basics in place, the next step is to leverage them to drive your service to the next level. For example, offering 24/7 support or installment plans might seem like costly add-ons, but technology can often make them a reality for less investment than you might expect. When it comes to cash, you’ll find that everyone is very sensitive. Anything you can do to distinguish yourself from your competitors could give you the edge.
5. Make sure your system has your back
This last one may seem like a no-brainer, but it has to be said. Not everything will go according to plan. Make sure the system you choose offers the same stellar service you offer to your own customers—bonus if there is also a large and thriving user community. Just because there is no “one-size-fits-all” process doesn’t mean someone else hasn’t encountered your same problem before. Find solutions easily and on your own time by connecting with fellow users.
