Yes, we've all heard that manually monitoring and maintaining the accounts receivable process is difficult, time-consuming, and so on.
But have you ever considered the challenges, and conflicts, and how they arise at least once in your life? If not, this article is entirely for you.
Don't worry, you'll see the advantages and solutions here as well.
You can also learn more about Maxyfi's new online payment integration in the upcoming section of this blog.
Some of you may have guessed because you've been following us for a while. But, for the sake of newcomers, let us provide you with a brief overview of who we are and what we do.
For years, we've heard a lot from businesses that are battling with poor cash flow and severe DSO in their businesses. Yes, this is when accounts receivable become a pain in the process.
We developed a solution, which we named Maxyfi - Industry Leading Accounts Receivable Automation Software. With Maxyfi, a business can achieve
Standardized Dunning Process - Best-in-class Email, SMS, and Call Follow-ups, as well as Personalized Templates
Real-time Insights, Reports, and Dashboards - Improves management visibility and control.
Centralized communication - Allows for full auditing, transparency, and cooperation.
Customer Portal with a Variety of Options - Get twice as many responses from your customers and get paid twice as quickly.
Process-Oriented Approach - Stable and BAU with multi-user handling capability.
I know you're curious about us and our accounts receivable software, which one of the Maxyfi blog will help you with.
The Accounts Receivable Process is critical to the development of your business, as well as its cash flow and productivity. A proper payments system, like the previously listed features, is a crucial component that helps your accounts receivable process to work efficiently.
To put it another way, if the Accounts Receivable Process is the heart of your business, a good and efficient accounts receivable payment system is the valve. The heart does not operate properly if the valves are clogged. Similarly, your Accounts Receivable Process.
Maxyfi has now integrated with Stripe and Razorpay, making online payment quick and easy. With Maxyfi, you can configure your Razorpay or Stripe payment gateway, allowing your customers to pay with a single click. This helps to improve your cash flow and productivity.
There may be several complications and difficulties in collecting payments from customers. Some issues you may have while collecting late invoice payments using offline payment methods in the accounts receivable process are as follows:
In offline payment methods, such as sending a check or providing account information, payments can be delayed because of mail delays, missing mail, or inaccurate account information.
Even if the customers are ready to pay, this will make it impossible for them to do so. This will have an immediate impact on your company's cash flow and productivity.
When using inefficient and offline payment methods, it might be difficult to track the status of payments and guarantee that they are received and processed on time. It might take some time to update the payment status after the customer has made the payment.
This will have a significant impact on your accounts receivable process since your team will be unaware that they are sending duplicate or repetitive invoices to the customer.
Offline payment options often involve manual processes, such as manually entering payment information into a system. This increases the risk of errors, such as incorrect amounts or account numbers.
As we all know that manually creating and sending invoice reminders to customers is a time-consuming and inefficient process, manual errors and mistakes in the accounts receivable payment system will also create a great impact on your business’s cash flow and productivity.
Customers may find it difficult to pay in a way that is convenient for them since offline payment choices are restricted. This might result in payment delays and additional friction in the payment process. If you have restricted payment methods and possibilities for accepting payments from customers, you may have to abandon your vision of boosting your company's cash flow and efficiency.
Offline payments may be more difficult to oversee, confirm, and trace the phases of payment, which might generate accounting concerns. If you're having trouble controlling and sustaining your cash flow, it might be due to a lack of control over your payment process.
As previously stated, we have now established and linked with two major online payment sites – “Razorpay” & “Stripe” to simplify the payment process.
To get started, sign up with Stripe or Razorpay, whichever is your preferred online payment gateway. A private API key will be sent to your registered email address. Enter and create your online payment gateway, and you can now effortlessly charge your customers and collect cash from them with appropriate tracking.
Here are some of the benefits of the new integrated online payment gateway.
Stripe and Razorpay API keys provide seamless integration with accounts receivable automation software, making it simple to set up and start receiving payments. With such a simple connection and quick payment recovery, your cash flow and productivity will improve substantially.
The above-mentioned online payment gateways are PCI-compliant, which means they fulfill credit card corporations' security criteria for managing and transferring sensitive customer data. You may integrate this with Maxyfi without concern of security breach, and it is also safe for your customers from whom you receive money.
Razorpay and Stripe accept a variety of payment methods, such as credit and debit cards, ACH transactions, and digital wallets such as Apple Pay and Google Pay. This will be an excellent feature for your business, allowing you to provide numerous payment options to your customers and start receiving payments more quickly than before.
Stripe accepts payments in over 135 currencies, whereas Razorpay accepts payments in over 100 currencies from across the world. This works with businesses in over 25 countries, making it simple to grow your customer base and reach a worldwide audience. With a broad customer base, you can easily attain your company's optimum production without any difficulties in the accounts receivable process.
Razorpay and Stripe provide detailed reports and analytics on all of your customer’s transactions, making it simple to analyze and manage your revenue and customer payments. With this simple tracking, you can effectively forecast and manage your accounts receivable process.
Recurring payments, subscriptions, and other flexible payment options are supported by Stripe and Razorpay, allowing for more effective and automated accounts receivable management. This will increase your company's cash flow and productivity directly or indirectly.
The above-mentioned online payment gateways have fraud detection and prevention features that help to reduce chargebacks and risks. This will protect your accounts from being hacked or other security threats. Not just for you, but also for your customers who will use this payment gateway to make online payments.
Isn't it interesting? Get a demo and see how our accounts receivable software connects with Stripe and Razorpay to help you enhance your cash flow and efficiency.
Our package starts at $ 50 and includes a 14-day free trial. Start automating your AR today.