Photo credit: ©️Tim Mossholder
The fallout and associated economic uncertainty that’s been cooking since the COVID-19 pandemic has forced companies of all sizes to rethink their approach to designing and delivering elevated customer experiences.
Our study, Early-stage collection trends in 2022, reveals a significant disconnect between consumer expectations and the service levels companies are providing once accounts become past-due.
So, what does the past-due customer experience look like in 2022? We’ve narrowed it down to two key insights:
- Traditional dunning is still dominant despite a growing preference for digital contact methods. Our study found that the majority of past-due customers are still being contacted by conventional means like phone calls and letters, accounting for 73% of all contact about past-due bills. Meanwhile, 65% of consumers expect more digital interactions with companies — via email and SMS — regarding their past-due bills.
- A more straightforward payment process makes happier customers. Although 63% of our survey respondents stated they want to pay their past-due bills online, 51% have actually been able to do so. Concurrently, 35% of those who had a positive past-due customer experience attributed it to the simplicity of the payment process.
Companies looking to prioritize their customer experience must take action to address this disconnect in order to meet the expectations of today’s digitally-savvy consumers.
Designing a seamless digital experience for past-due customers
Digital dunning in the form of email or SMS reminders allows companies to quickly resolve past-due accounts. A seamless digital experience for past-due customers builds trust and encourages payment. It starts with digital contact and offers flexible means to settle a past-due account without the need for agent intervention.
When combined with empathetic messaging and flexible options, this can result in a positive customer experience, which ultimately contributes to improved customer retention.
The digital reminders explain how much is owed while also providing a link to a self-service portal that doesn’t require customers to login for access. And because it’s online, campaigns can be tracked in real-time to make improvements as needed.
Adopting an empathetic, digital-first, collections strategy will significantly improve the past-due customer experience. Using a SaaS solution, like Lexop, can enable Accounts Receivable teams to easily send digital reminders while enabling consumers to pay via their preferred method through a self-service portal available on the device of their choice. Best of all, results can be tracked in real-time, providing an immediate Return on Investment to the business — it's a win-win situation!
Successful organizations will balance the needs of the past-due customer and the needs of the business. Download our latest Ebook here to learn more insights and see the full results from our study.
Ready to digitize your collections approach? Click here to get in touch with one of our experts.