No crowds when shopping on Saturdays, no annoying search for parking spaces and no traipsing from one shop to the next until you finally find what you are looking for. Instead, online shopping allows people to sit comfortably on the sofa and choose from among a range of products more diverse than anything found offline – that’s what online shopping is all about. So it’s no wonder that more and more people are shopping online. It’s incredibly convenient, stress-free and saves a great deal of time. Convenience is the key USP that online merchants can offer their end customers. Convenience is their utmost priority, something I see time and again when working with e-commerce companies. That applies to the design of the online shop, the way products are presented and the ordering and payment process too.
Convenience is key – in debt collection too
Even though convenience is a major consideration throughout the whole purchasing process, I often find that it gets tossed out the window when it comes to receivables management. I think that is a huge mistake. Debt collection procedures play a not insignificant role, especially in e-commerce. The sector faces payment defaults more often than any other. It is therefore all the more important for e-commerce companies to pay attention not only to a good shopping experience, but also to a convenient and customer-friendly debt collection process.
Online merchants should not see receivables management as a separate part of the shopping process, but almost as an extension of the check-out process. Otherwise, there is a great risk that customers who may be willing to pay but are unsatisfied or annoyed may be lost to the competition. This can happen in a flash. These days, consumers are quite willing to look elsewhere, especially if they feel an online shop is not customer-friendly. The range of shops online is enormous, and if a customer feels they have had a bad experience with one merchant, they will just switch to the next. Even a shopping experience perfectly tailored to consumers is quickly forgotten if the end customer is then faced with a complicated and utterly generic debt collection process. Online merchants should hold their customers’ hands here too and make receivables management part of the shopping experience. In my experience, this will make it significantly more likely that they will also stick with the online shop in critical situations.
What counts is how consumers are treated
This is where we support our e-commerce customers. We aim to offer end customers as much convenience as possible, including in the debt collection process. One example is the payment process: customers can easily and conveniently pay directly by text message or email via Paylink. We also focus on the actual person when addressing defaulting end customers. For example, this means our choice of language, tone, the time of contact and channel of communication, as well as specific payment options offered to them.
In short, at Arvato Financial Solutions, we provide the exact same service that we recommend you should provide when dealing with your end customers. We offer solutions tailor-made to your end customers. After all, everything should be as convenient as possible for our customers, too.
Read here about how convenience can be carried over to receivables management too.