Unlocking Financial Success
Solving Cash Flow Issues: Notch Financial’s Customer Portal
The Nightmare Before Automation
Imagine this: You’re a supplier who’s done everything right—delivered the goods, sent the invoices, and waited. And waited. But instead of payments, you’re staring at an empty bank account. Why? Because most of your customers haven’t bothered to give you their credit card or banking information. Some still send checks like it’s the 90s, and meanwhile, your cash flow is circling the drain.
This was the reality for many of our clients at Notch Financial, an AP/AR automation platform. Late payments were a constant headache, wreaking havoc on businesses’ cash flow and making it almost impossible to plan for the future. Our mission? To put an end to this nightmare, once and for all.
My Role
Senior Product Designer, PM, Product Marketing, Video Creator
+30%
Increase in Payment Method Collection
+25%
Boost in Cash Flow Efficiency for Suppliers
-20%
Reduction in Transaction Costs
The Research Phase:
Where Curiosity Meets Innovation!
Based on our deep dive into customer minds and our relentless pursuit of industry wisdom, here’s what we’ve unearthed:
Customers were struggling with late payments due to lack of payment information, causing significant cash flow challenges for businesses.
Many customers still preferred paying by check, further complicating timely payment collection.
Suppliers lacked credit card or banking information for most customers, making it difficult to charge them promptly.
The absence of necessary payment details led to delays in payments, causing cash flow issues for suppliers.
Industry trends showed that businesses offering multiple payment options, including automated payments, see a 21% reduction in late payments on average.
A study by PYMNTS.com found that 74% of businesses reported faster payments after implementing a customer portal.
The Aha Moment
We realized something crucial: If we could create a system that convinced customers to give up their payment details in exchange for access to their invoices, we’d solve this problem overnight. And that’s exactly what we did.
Revolutionizing Payment Collection:
The Game-Changing Customer Portal
Discover how our innovative white-labeled customer portal transformed Notch Financial’s payment landscape, boosting efficiency and cash flow for suppliers. This groundbreaking solution incentivizes customers to register payment details, enabling automated payments and significantly reducing late payments.
Portal Invite Button: We added a portal invite button within the software, enabling suppliers to send a branded welcome email to customers on their behalf.
Branded Welcome Email: The email directed customers to a registration/landing page that outlined the benefits of registering for the portal.
Registration/Landing Page: Upon registration, customers were prompted to add their payment method via a popup before gaining access to their invoices.
Payment Method Capture Modal: We implemented a trigger modal that required customers to input a payment method before accessing their bills, ensuring we had the necessary information for future transactions.
Wallet Section: Recognizing that customers might have multiple suppliers, we created a dedicated wallet section within the platform. This allowed customers to efficiently manage and organize their various payment methods for different suppliers.
Autopay Feature: When a payment method is captured on the customer portal, suppliers can now set all payments to autopay, with the client’s permission. This feature streamlines the payment process, reducing late payments and improving cash flow for suppliers.
From Chaos to Cash Flow
The customer portal didn’t just knock it out of the park— it sent the ball into orbit! With a +30% conversion rate, payment collection turned into a well-oiled machine, cutting down late payments like a hot knife through butter. And as if that wasn’t enough, we gave Stripe the boot and said, “Hello, Adyen!” The result? A 10-20% slash in transaction costs, which means more money in the bank and less in the hands of those pesky processing fees. Talk about making it rain in the profitability department! exactly what we did.
+30%
Increase in Payment Method Collection
+25%
Boost in Cash Flow Efficiency
-20%
Reduction in Transaction Costs
The Takeaway
The biggest lesson we learned? When you give customers a reason to act—and make it easy for them to do so—they will. By creating a sense of urgency and making the process straightforward, we transformed a frustrating, time-consuming process into a seamless, profitable one.