Recovering failed ACH and card payments

The Problem: Why Failed Payments Matter

In the world of B2B finance, maintaining a reliable payment cycle is critical. When an installment fails, it often goes unnoticed, allowing payment plans to lapse without intervention. This oversight can lead to uncomfortable conversations when customers, believing they are paid up, are unexpectedly informed of their outstanding balances months later. Such scenarios not only disrupt cash flow but also strain customer relationships, making it essential to address failed payments swiftly and transparently.

How Most Providers Handle Failed Payments

Currently, many accounts receivable platforms merely flag failed payments, placing the onus on finance teams to manually identify and address the issue. This process is reactive, leading to delays in communication and resolution. Often, by the time the problem is identified, customers are unaware of their payment status, and rectifying the issue becomes a complex, time-consuming task. This reactive approach fails to provide the real-time oversight and immediate action required to keep payment plans on track.

ARPilot's Approach: Proactive and Transparent

ARPilot revolutionizes the management of failed ACH and card payments by immediately triggering an event when a payment fails. This event reactivates the invoice follow-up cycle, ensuring that the customer is promptly notified with the actual reason for the failure attached. Instead of chasing customers for money they believe they have paid, ARPilot allows finance teams to address the specific detail that needs updating, such as an expired card or an incorrect account number. This proactive and transparent approach prevents payment plans from quietly lapsing and maintains open communication with customers.

Key Benefits and Measurable Outcomes

1. Immediate Notification: Failed charges are surfaced the day they occur, allowing for swift corrective action.
2. Continuous Payment Plans: Proactive management prevents payment plans from lapsing undetected, ensuring consistent cash flow.
3. Clear Communication: Customers receive outreach that specifies the exact issue, fostering trust and reducing confusion.
4. Increased Efficiency: By automating the follow-up process, finance teams can focus on strategic tasks rather than manual issue tracking.
5. Enhanced Customer Relationships: Transparent communication reduces friction and maintains strong customer partnerships.

FAQ

How does ARPilot notify customers of failed payments?

ARPilot immediately triggers an event when a payment fails, reactivating the invoice follow-up cycle and notifying the customer with the specific reason for the failure.

What makes ARPilot different from other accounts receivable platforms?

Unlike other platforms that require manual intervention, ARPilot automates the notification and follow-up process, ensuring timely and accurate communication with customers about failed payments.

How does ARPilot maintain payment plans on track?

By surfacing failed payments the day they occur and addressing specific issues directly with customers, ARPilot prevents payment plans from quietly lapsing, ensuring consistent cash flow.

What are the benefits of using ARPilot for handling failed payments?

ARPilot provides immediate notification, continuous payment plan management, clear communication, increased efficiency, and enhanced customer relationships.

Can ARPilot integrate with my current accounting system?

Yes, ARPilot syncs bidirectionally with QuickBooks Online and connects to any other system through REST API, CSV import, or a custom adapter under an Enterprise agreement, ensuring seamless integration.