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Settling customer payments & queries

Würth Business Services handles the non-core financial operations to support the Finance Teams of companies within the Würth Group. Our Team ensures that companies maintain error-free and detailed accounting records, settle payments on a timely basis, carry out effective vendor management, and speed up the accounting processes. We handle different processes under the Accounts Payable and Accounts Receivable portfolio.

Among different processes we handle under the Accounts Receivable portfolio, Settling Customer Payments & Queries is one of them. In this process, we determine whether the received payments match with the amount mentioned in the invoices. Furthermore, we solve the queries related to payments by coordinating with buyers and customers.

Work Flow
Benefits
Transition

Work Flow

WORK FLOW OF THE PROCESS

  • 01. Receive

    Receive payment advices from the customers

  • 02. Check

    Check whether the payment advices match with the customer account details

  • 03. Coordinate

    Coordinate with customers if there are any missing details

  • 04. Settle

    Settle the payments

Benefits

Value-added

BENEFITS OF OUR CUSTOMERS

☞ Ensure timely and error-free payments

☞ Provide discounts to customers for early payments

☞ Track the revenue on regular basis

Transition

TIME TAKEN FOR TRANSITION

Step 1

Analysis of requirements – 1 Week

Step 2

Documentation – 1-2 Weeks

Step 3

Create framework – 1 Week

Step 4

Step-by-step implementation – 2 Weeks

Step 5

Transfer – 1 Week

For more assistance in understanding the transition process, kindly get in touch with us at contact-wbs@wuerth-industrie.com

Case study:

Streamlining Payment Settlement and Query Resolution for Enhanced Customer Satisfaction


Introduction:

Efficient payment settlement and responsive query resolution are pivotal for maintaining strong customer relationships and ensuring timely financial transactions. Our customer, Würth Industri Danmark A/S, recognized the need for manual Settling Customer Payments & Queries process, in which our team receives payment advices from customers. Our team meticulously checks and verifies the payment details, coordinates with customers to address missing information, and settles payments accurately. This process aims to provide customers with a seamless experience.

Problem:

Our customer encountered challenges in effectively settling customer payments and resolving queries manually. The customer needed to invest a considerable time in settling payments and addressing queries. There were possibilities of errors in payment verification, delays in payment processing, and difficulties in coordinating query resolutions. These inefficiencies hindered the customer's ability to maintain transparent financial records, provide prompt responses to customer queries, and ensure timely payments. This impacted customer satisfaction and strained customer relationships.

Solution:

Recognizing the need to enhance the Settling Customer Payments & Queries process, we adopted a systematic approach to improve accuracy and customer service. Our key solutions included:

1. Meticulous Payment Verification: We initiated a manual process to meticulously verify payment advices and cross-referenced them with customer account details to identify discrepancies.

2. Rapid Query Addressing and Resolution: With manual processing, we deployed a dedicated team to address customer queries rapidly.

3. Customer Coordination: We actively coordinated with customers to gather any missing information necessary for payment settlement, fostering proactive customer engagement.

Results:

The changes implemented in the Settling Customer Payments & Queries process led to significant improvements in accuracy, operational efficiency, and customer relationships for Würth Industri Danmark A/S. Our results included:

1. Payment Accuracy Improvement: By implementing meticulous payment verification and rapid query resolution, we achieved a considerable reduction in payment discrepancies. This enhanced financial accuracy and minimized potential disputes with customers.

2. Timely Payment Processing: Despite manual processes, payment processing time was reduced, which led to more timely payments and improved cash flow management.

3. Enhanced Customer Satisfaction: Effective communication and prompt query resolution resulted in an increase in customer satisfaction and strengthened customer relationships.

4. Time Savings: Our approach led to significant time savings per month. We saved nearly 231 hours for our customer in a month. This saved time can be utilized for executing different core operations.

Conclusion:

By transferring the Settling Customer Payments & Queries process, our customer availed meticulous payment settlement and query resolution services to achieve timely financial transactions and excellent customer service. By implementing detailed payment verification, responsive customer communication, and proactive coordination, we successfully improved accuracy and customer satisfaction. The results highlight the value of a well-executed process in maintaining effective financial operations and delivering customer service excellence.

Transfer the Settling Customer Payments & Queries.