Madison, Wis. – TermSync, a cloud-based accounts receivable management platform, has unveiled TermSync Invoice Receipt Tracking. This latest update to TermSync’s popular software solution gives vendors an accurate way to track whether a customer has viewed an invoice and provides a place for the customer to easily make a payment, ask a question, or perform a variety of other actions.
TermSync’s Invoice Receipt Tracking can be purchased as a standalone product or as an add-on to other TermSync accounts receivable management solutions. The latest offering is a result of TermSync’s analysis uncovering why invoices do not get paid on time. One of the top reasons why payments are not made in a timely manner is the invoices were initially sent to the wrong person, were lost in the mail, or were not received at all by the customer. Unfortunately, vendors usually find out about this only when they make a collection call, typically 45 days after the invoice was sent. Companies utilizing invoice receipt tracking can 100 percent eliminate the problem of lost invoices and be sure customers have viewed the invoice within the first week.
To use Invoice Receipt Tracking, invoices are sent to TermSync through a variety of automated tools or for smaller companies, can be manually loaded. The company uses their existing invoices and does not have to re-create anything within Termsync. The invoices are then emailed to the customer with TermSync tracking included. The customer opens the invoice and can pay, ask a question, view other invoices, or perform a variety of other actions right from the same screen without needing a login or password.
TermSync provides tracking to the vendor to show if and when an invoice has been viewed. This allows the vendor to set up filters to know which invoices have not been viewed after a set period of time. The vendor can then re-send if needed or contact the customer.
“With everything you can do using technology these days, we felt there should never be a case where a company first finds out an invoice was not received around day 45 when they make a collection call,” Mark Wilson CEO and founder of TermSync, said. “In our personal lives we can track shipping of an online purchase, check a flight status, and even see if our delivery food is on its way, so knowing when a customer has actually viewed your invoice should be commonplace. It is impractical to think a company is going to call every customer about every invoice to verify they received it. Even if that could be done in an efficient manner, it would only annoy the customer if all of their vendors did it. With our invoice tracking tools, you will always know when invoices are received and only need to follow up on the ones that were not received in the first few days.”
In addition to confidently knowing the customer received the invoice, TermSync also provides tools for the customer to interact with the vendor. Included are free payment options, the ability to ask questions of the vendor, view other open invoices or prior invoices, and apply any available credits. The number one reason invoices do not get paid on time is the customer has unanswered questions. As with lost invoices, the first time a vendor usually hears about this is when they make a collection call. TermSync has proven that customers will ask questions to resolve issues directly through an interface that does not require a password much more frequently than they will proactively call the vendor. This is an example of how making things easier on the customer leads to better relationships and faster payments.
“When you can easily eliminate one of the most common reasons, or excuses, why invoices do not get paid on time while also provide your customers user friendly payment and communication options, it becomes a no brainer on whether you should use a product like TermSync Invoice Receipt Tracking,” concluded Wilson.
About TermSync, Inc.
TermSync connects thousands of B2B vendors and customers through our standardized, cloud-based platform. Leveraging the collective power of the TermSync network as well as intuitive, non-disruptive technology, our clients are able to improve customer relations, reduce processing costs, increase sales, and get paid faster. Our technology operates in tandem with existing workflows, can be up and running in less than a week, and receives rave reviews from our clients and their customers. We are committed to finally bringing B2B post-sale communication into the 21st century! TermSync is located in Madison, Wisconsin. Learn more at www.termsync.com.