Getting paid on time is vital to sustaining your cash flow and keeping operations running. Here’s how to simplify the process for your B2B small business customers.
You've sent your small business customers their invoices for products & services and are now awaiting payment. Sounds simple enough. But collecting payments on time can be a difficult task. Suppose you are working with hundreds of transactions. In that case, it becomes a labor-intensive and error-prone effort of sending and re-sending invoices, waiting for checks, matching incoming funds to their invoices, setting up reminders, chasing late payors, and more. Even if you have a dedicated accounts receivable staff, the mundane collection calls and reminder emails, coupled with a global pandemic, office closures, and an inefficient postal service, make getting paid even more challenging and time-consuming.
Accounts receivable is the lifeblood of any B2B business, so finding ways to streamline and automate your process can increase your chances of getting paid on time, improve relationships with your clients, and secure stable cash flow.
How Melio makes speedy and efficient Accounts Receivable possible
In the past several years, Accounts Receivable has been moving towards a more digital experience. Both technology and customer behavior have shifted the way customers want to be reached. Whether you are using an excel sheet and automating emails or using a full-blown A/R system, getting paid has moved online in some form or another. However, for many small businesses, the actual paying of bills still relies on traditional check writing and mailing methods. But with the outbreak of COVID-19 and postal service delays, the proverbial "check is in the mail" has been completely disrupted. That's where Melio comes in.
Melio is a free and easy online solution that helps shorten and streamline the cycle between issuing an invoice to your business customers and getting paid for it. By optimizing the payment process, Melio makes it easy for your small business customers to pay their bills. Here's how:
Keep it simple and eliminate obstacles
With Melio, your small business customers will experience a whole new, simple, and intuitive payment process. Melio makes it easy to create a personalized link and payment page, import a single invoice or batch of invoices, and forward them to clients with just a few clicks. Your customers receive a notification with a concise payment request, invoice details, and easy instructions on scheduling and sending their payment. They don’t need to go out of the Melio interface to cut a check or set up a bank transfer. In a Venmo-like experience, it’s all done from one screen, and they don’t have to sign up to Melio to pay you. You receive an ACH straight to your account without needing to reveal your bank details.
By eliminating obstacles and providing a seamless approach, your fulfillment rate will increase, and your customers will love Melio.
Take collaboration to the next level
Misalignment of interests between payor and receiver can make accounts receivable more complicated. The small business customer wants to pay as late as possible; you want to get paid quickly, creating a sort of "you against them" environment instead of working together.
With Melio, your customers can schedule payment as close to the due date as possible. They can hold on to cash longer while still ensuring their payment arrives on time, fostering a better relationship between you and your small business customer.
Transparency, tracking, and trust
Once you initiate a payment request, Melio steps in to do the heavy lifting. Your small business customers are automatically notified by email, and you can track the status via the Melio dashboard and see the progress of your payments, including ETA.
Requesting payment is easy
Whether you are sending out a single or multiple payment requests, Melio makes it easy to upload a .CSV of customers and invoices and send out payment requests to your customers with just a few clicks.
Flexible payment options
With Melio, you can start accepting payments online for free, and your small business customers have a choice of how they want to pay. You can choose to receive ACH payments online or accept credit card payments from other businesses at zero cost to you.
Your customers can choose to pay you with a bank transfer (ACH) for free, or they can pay you with a credit card for a minimal 2.9% tax-deductible fee.
Provide your customers with a more flexible and favorable payment experience without the hassle or cost.
2-way sync with QuickBooks Online (coming soon)
Melio will automatically sync to your Quickbooks Online account. You can easily export a .CSV of your customers and invoices and upload them to Melio, so any payment you do will sync back to your QBO account, and you won’t have to do double duty on data entry. It’s all synced in real-time.
Automating your Accounts Receivable can simplify the payments for your small business customers. Melio helps to make the process as easy and frictionless as possible with an easy, simple, and free solution designed to empower small businesses. With intuitive technology, flexible payment choices, tracking, and an online transparent and collaborative environment, Melio helps encourage your small business customers to facilitate speedy and efficient payments.
Start accepting payments from your small business customers today
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.