Receivables management for telecommunications companies: 3 steps to success
More and more businesses are keen to exploit the potential of bringing their receivables into the digital era. Telecoms companies are no exception. Below we present three major challenges confronting the telecoms industry. We discuss how digital dunning processes strengthen customer relations while measurably improving the speed at which overdue invoices are paid.
1. Digital services in receivables management
The world is digital: the way in which consumers interact with brands has changed dramatically over the past few years. Not only the retail trade is up against the “amazonisation” of their sectors. Today, consumers expect simple digital solutions, whatever the situation. Even when they’re being reminded that a payment is overdue.
Telecommunications providers need to embrace new technologies – and there are a plenty of approaches that will produce rapid results. For example, using intelligent payment requests rather than standardised reminder notices. Or, you might like to try offering digital payment options to make it easier and faster for customers to pay their invoices. In other words: put the customer at the heart of your organisation
2. Foster customer relations even if you’re having payment problems
Poor service and old-fashioned payment reminders are not good for customer relations. All customer interactions are critical, particularly in the telecommunications industry where competition is so fierce. After all, it has never been easier to change your provider. Why would anyone want to stay with a provider that they’ve had negative experiences with?
Improve your service and build friendly, solution-focused relations with your customers, even when you’re chasing overdue invoices. Backed by collectAI, mobile telecoms providers, including klarmobil.de, keep relationships cordial by gently drawing their customers’ attention to unpaid invoices before sending them the first payment reminder.
3. Tackle the transformation alongside a FinTech
Any transformation requires courage. Telecoms providers have to comply with a whole series of regulatory and legal requirements. These can extend to the practicalities and financial aspects of receivables management, for example, no longer being able to charge for late payment. Also, digitalisation and the deployment of new technologies, such as artificial intelligence, require reliable data protection mechanisms.
Working alongside FinTechs can help telecoms providers overcome these challenges. Above all, such alliances provide access to state-of-the-art technologies. Large companies across a wide range of industries have worked with collectAI to bring the benefits of artificial intelligence to their receivables management. As a member of Germany’s Otto Group and backed by TÜV data protection certification, we guarantee the highest level of security in compliance with all legal and technical requirements.
Contact us now
Companies will each have their own specific goals and face different challenges when bringing their dunning processes into the digital age. Get in touch with us to have a talk. We would be delighted to discuss the goals you have set yourselves around receivables management and give you an insight into how we work alongside telecoms providers such as klarmobil.de and leading companies in other industries, including BonPrix, R+V Versicherung, N-ERGIE, Hanseatic Bank and enterprise Rent-a-Car.
Thomas v. Hake looks forward to hearing from you.