Let’s explore the key trends that clients in the Accounts Receivable Management (ARM) Industry should prioritize this year and going forward into 2025.
Here are three areas we know will be a major focus of the ARM Industry:
Growing Contactless Transactions
By utilizing digital platforms and mobile apps, contactless transactions become faster and provide a simpler customer experience. Implementing contactless transactions not only attracts modern consumers but also mitigates risks associated with traditional payment methods.
Payments can be made through methods saved in a digital wallet and/or mobile apps.
This year, we found that embracing contactless transactions in AR serves as a strategic move to enhance financial operations and cultivate trust within their customers.
Customer Payment Experience
Successful businesses are personalizing customer engagement in payment processes. For instance, move away from traditional invoicing and think of anything from user-friendly interfaces, clear communication channels, and convenient payment options. This helps you build lasting client or customer relationships.
Organizations use DirectDrop Voicemail for inputting payment portals, personalized voicemail messages, and provide proactive communication to expedite payments and foster trust and loyalty.
Artificial Intelligence in AR
Take advantage of AI solutions to simplify tasks, minimize errors, and optimize AR processes. Leverage machine learning for accurate credit management and collections strategies.
If you break AI down to the simplest definition, it is the act of a computer replacing a task that would normally be done by a human. So, we like to say that DirectDrop Voicemail is AI in this way. The delivery of all these voicemails is exactly that: it replaces the task of manually dialing any number of calls to your audience.
Using advancements in technology to help your business better communicate to your audience on a greater scale is something that will dominate the ARM Industry in 2024 and beyond.
DirectDrop Voicemail is a great example of how technology can help give you an advantage. Here is an example of one of the new changes we’ve made to our software to help make it easier than ever for you to collect from your consumers.