Canada, 17th Aug 2024 – Datasoft has successfully launched its latest accounts receivable automation solution, Cadency, to address long standing challenges in payment collection and cash flow inefficiencies. As a product of Datasoft, a company with over 20 years of significant contributions to the fintech industry, Cadency is a cutting-edge solution equipped with a built-in payment automation platform designed to reduce customer payment friction and accelerate business collection efficiency. In the B2B payments landscape, this solution will prove to be a game-changer as it will facilitate businesses to seamlessly integrate their ERP or accounting software, track payment status, generate financial reports, and customize their dashboard to have a clear snapshot of their company’s financial health.
Resolving Age Old Accounts Receivable Challenges and Inefficiencies
In the financial business landscape, one of the most complex functions is handling an accounts receivable (AR) process. It involves receiving payments from the customers after credit sales requires creating credit policies and necessitates collection tactics for faster payment collection to prevent harming a company’s cash flow. Given these challenges and complexities, Datasoft leverages its business expertise in fintech and introduces Cadency – an end-to-end AR automation solution to improve the collection efficiency of the business by streamlining administrative tasks that expedite payment cycles, so businesses can unlock their cash flow.
There is more for customers with Cadency to ensure their positive payment experiences with the business. As a comprehensive accounts receivable automation solution, Cadency offers a self-service portal for customers, allowing them to check their history of invoices, get invoice reminders, and keep track of upcoming payments. The portal also allows customers to prompt the auto-pay button for recurring invoice payments. A support inbox in the portal will allow customers to get in touch with the merchant and resolve any disputes on the chat. For smoother payment journeys, customers have multiple options to pay their invoices, ensuring faster processing.
Extensive Product Capabilities Offered by Cadency
1. Automated Invoicing Workflows
Sending invoices has never been easier before. Cadency allows you to streamline invoicing workflows, reducing manual touches to create and send invoices. Even payment collection workflows are automated, saving time spent on creating invoices and sending them which drains resources. This prevents invoicing errors and data inefficiencies, saving time and energy while allowing businesses to redirect resources toward strategic organizational tasks. Invoices sent through Cadency are faster, accurate, and result in faster payments.
2. Facilitating Customers with Payment Options
Receiving customer payments is seamless with Cadency as it can accept multicurrency payments from customers across borders. With Cadency, you can accept ACH payments, credit card payments, and bank transfers, and get paid through e-checks. This removes payment friction, unlocking the cash flow for a business. When merchants receive payment, it is seamlessly settled in their business account, ensuring accurate reconciliation. This saves finance teams from manually reconciling accounts and statements, ensuring consistent financial records.
3. Streamlined Invoice Follow-ups and Reminders
Sending invoice follow-ups is not a headache for the finance teams anymore. Cadency can help you streamline invoice follow-ups, reducing manual touches to prompt customer payments. Merchants can set cadences to set reminders based on when an invoice is near due and when it comes due. Even you can set up a dunning strategy for overdue invoices to prompt customers to pay their invoices.
4. Offering Early Payment Discounts to Customers
You can set an early payment discount for your customers to pay their invoices. This can save you from payment delays, unlocking your cash flow. All you have to do is inform your customers of the payment terms and you can enjoy getting paid faster, while your customers can enjoy payment discounts – a win-win for merchants and customers.
5. Integration Capabilities
Cadency can be integrated into third-party accounting software and ERP solutions so you can get consolidated information. This can save merchants from juggling screens and get a single source of truth on the Cadency platform by pulling the data from the ERP and accounting software. This also helps you generate financial reports within a few clicks.
6. Robust Security Features
Cadency is equipped with robust security features, enabling businesses and customers to transact securely on the platform. Not only are transactions and data encrypted, but robust security protocols also prevent unauthorized access to merchant and customer portals. Cadency can also detect inconsistencies and notify merchants of potential issues, allowing them to proactively safeguard their businesses.
Why Choose Cadency
1. Flexibility and Customization
Besides streamlining workflows, Cadency is packed with numerous flexible features that accelerate the AR lifecycle, while ensuring positive customer experiences. Businesses can benefit from customizing their dashboard to track performance metrics and have a clear shot of their company’s cash flow and financial health at the dashboard’s forefront. Merchants can send handwritten-like payment reminders and invoice follow-ups using customizable templates instead of automated messages. This personalized approach makes customers feel valued and increases satisfaction.
2. Advanced Analytics
Cadency simplifies report generation by consolidating data into accurate insights. Its advanced analytics empower businesses to make informed decisions by enabling budgeting, predicting customer payment behavior, and planning financial strategies. With Cadency, data-driven decisions become effortless.
3. Team Collaboration
Cadency fosters collaboration by allowing merchants to assign tasks with deadlines to finance teams while maintaining customer oversight. Despite automation, finance teams can effectively collaborate on customer queries, monitor notifications, and work together seamlessly.
4. Material Time Savings
Cadency significantly reduces operational costs by automating manual tasks such as data entry, invoicing, and reconciliation. This frees up finance teams from time-consuming administrative work, saving both labor hours and expenses related to paper, stamps, and printing.
5. Customer Dispute Resolution
Cadency prioritizes customer satisfaction by ensuring transparency in information creation and tracking, including efficient invoice dispute resolution. Customers can interact through the portal to resolve disputes and monitor invoice progress in real time.
Step into the future with Cadency
Leveraging the expertise in the fintech industry from its parent company, Cadency is an intelligent accounts receivable solution that transforms the B2B payment landscape. Merchants with credit sales models can take a sigh of relief with Cadency as it helps accelerate accounts receivables by automating workflows and reducing manual touches. Developed in Canada, this AR solution offers flexible features including seamless integration, robust security, and optimized payment processing. Businesses can reduce bad debt risk, accelerate cash flow, enhance communication, leverage advanced data insights, and improve payment processing efficiency. By minimizing payment friction and fostering communication, Cadency ensures positive customer experiences, drives operational efficiency, and boosts profitability.
Media Contact
Organization: Cadency
Contact Person: Support Team
Website: https://cadency.global/
Email: Send Email
Country: Canada
Release Id: 17082415806