Bectran, Inc., an industry leader in technology for credit, collections and accounts receivable management, has introduced a revolutionary solution for self-service payments within its Accounts Receivables platform. The change allows users to apply payments and payment credits across customer hierarchies, creating a more convenient customer experience and automating remittances.
“Our commitment at Bectran is to continually enhance our solutions to meet the evolving needs of our clients,” comments Louis Ifeguni, Bectran CEO. “This new feature represents a pivotal step in simplifying the payment process for large enterprises, offering unprecedented flexibility, control and time savings.”
Customer Hierarchies Challenge Accounts Receivable Workflows
Contractors, accounts payable, and other users rely on self-service payment portals to make easy, on-time payments. But payment portals have historically fallen short for users overseeing multiple accounts, such as those who manage bill-to or sold-to entities with several ship-to accounts beneath them.
In contrast, most accounts receivable portals restrict payments to the lowest account level. That forces users who oversee multiple accounts in a customer hierarchy to pay for each account individually — a time-consuming process. Moreover, this approach locks payment credits to a single account, restricting users’ ability to use those credits on other accounts in the same hierarchy.
Faced with the challenges of managing accounts individually, many revert to traditional pen-and-paper payments, which despite being more laborious, allow for easier processing across multiple accounts. However, this method requires account receivable teams to manually analyze payments and allocate credits across the hierarchy, demanding significantly more time and effort while introducing more risk for errors and compromising customer information.
Make Payments Across Customer Hierarchies Easy and Efficient
Bectran has made a fundamental shift that introduces the concept of customer hierarchies into its self-service payment portal. The change, unprecedented in the industry, has been complex to realize, but Bectran sees it as a vital step toward offering more intuitive and convenient payment experiences.
Construction company owners, accounts payable teams, buying groups and others can now manage payments from the top of customer hierarchies, distributing payments and credits across lower-level accounts with ease.
The benefits extend to accounts receivable teams as well. Users designate how their funds and credits apply, which saves accounts receivable time and lowers the risk of errors. Additionally, secure, self-service electronic payments can reduce risks for exposing credit card and bank account information.
“This new offering makes it easier to facilitate a seamless payment experience for our users, driving operational efficiency and improved customer satisfaction,” adds Bectran CEO, Louis Ifeguni.
Discover how to transform your accounts receivable processes — visit Bectran.com to learn more and begin your journey today.
About Bectran
Bectran is the premier SaaS platform for Finance Departments, akin to CRM for Sales. Trusted by diverse organizations, from SMEs to Fortune 500 companies, we streamline credit processing by over 98%, reducing credit defaults and collection costs. Many businesses rely on Bectran for efficient Accounts Receivable and Collections management, achieving up to 95% cost savings. With rapid onboarding in days, our platform is hailed by credit professionals as the future of credit management. Visit Bectran.com to learn more about financial solutions for your industry.
