Keeping your cash flow steady is essential for any organization. Without a healthy flow of cash, you're likely to hit a wall at some point. Yet, many organizations wrestle with late payments and clunky cash collection processes. These issues can cause significant financial stress, hindering stability and growth.
So, improving your cash collection efficiency should be a priority. Besides a smooth payment process, you’ll want to aim for automation. By strengthening your cash position and reducing tedious manual tasks, you’ll free up time and space to invest in your core activities. But how to go about it?
Enter the combination of Salesforce and FinDock, which helps you streamline and optimize your cash flow! In this blog post, we explain how this powerful duo can transform your cash flow management and share some practical examples.
FinDock and Salesforce: a powerful combination that improves cash flow
Managing cash flow often feels like a juggling act, with late payments and manual processes adding to the complexity. Luckily, there's a way to make your cash collection smoother and more efficient! By using FinDock, you’ll bring payment and transaction data into Salesforce, your trusted CRM—and, therefore, put it in the heart of your customer profile. That means every action you take enriches your customer data.
FinDock fully automates collections and streamlines customer interactions, turning cash flow management from a headache into a breeze. With everything in one place, you'll find it much easier to manage collections, track payments, and follow up. As you make the system work for you (instead of the other way around), you can focus on what really matters: growing your organization.
Practical examples: boosting cash flows no matter your industry
Organizations across industries face cash flow challenges. But regardless of the area in which you operate, you can turn these challenges into opportunities.
Now, let's explore a few practical examples from different industries to see how you can successfully boost your cash flow using FinDock and Salesforce.
1. Insurance industry: smooth policy and payment management
Managing policies and payments can get complicated in the insurance industry. By using FinDock and Salesforce, insurance companies like ABN Amro, can implement an end-to-end policy management process.
Customers sign up and manage their policies through Salesforce Experience Cloud, while insurers handle policies in Salesforce Financial Services Cloud. Meanwhile, FinDock takes care of all policy payment aspects, and all policy-related cases and questions are managed through Salesforce Service Cloud.
Streamlining the entire policy lifecycle this way results in smooth policy management and timely payment processing—which, in turn, leads to enhanced operational efficiency and customer satisfaction.
2. Housing corporation: automated follow-ups, more effective rent collection
Managing rent collection can be challenging for housing corporations. One of FinDock’s housing corporation customers has solved the issue by importing all failed payments and unpaid rent cases into Salesforce and using marketing automation to follow up. They send new direct debit requests or letters containing QR codes to make payment easy. As no two tenants are the same, they also tailor their approach to the individual tenant: if someone faces financial difficulties, they arrange for a social worker to visit.
This process has reduced the number of their payment reminder letters by 30%, which means tenants pay sooner.
3. Memberships made easy: FinDock PayLinks and QR speed up payments
For membership organizations such as NCT, collecting annual fees can be cumbersome—unless they streamline the process using FinDock and Salesforce.
It was similar for another membership organization customer of FinDock. They moved from sending out paper invoices to using FinDock PayLinks and QR codes. Emails with PayLinks enable members to pay instantly, and physical invoices with QR codes offer a quick payment option.
After making this change, 50% of invoices were paid within three days—a significant improvement from the previous 36 days. And with much less need for follow-ups, the membership organization considerably reduced the administrative hassle. At the same time, they provide a better member experience: members can now pay through their preferred channel.
4. Nonprofit: smarter follow-ups result in an additional €78,000 per year
For nonprofits, it’s crucial to manage donor payments effectively. Save The Children Netherlands used FinDock and Salesforce to streamline their cash flow by automating follow-ups on failed direct debits. Initially, 6% of direct debits failed. Save The Children Netherlands implemented tailored follow-up journeys. In the case of insufficient funds, they would give it a second try and email the donor. As failed attempts at collecting direct debits can be expensive, they'd cancel the direct debit after the third attempt.
With this approach, they collected an additional €60,000 per year and avoided €18,000 in extra costs. So, by creating and automating customer follow-ups, they made an additional €78,000 annually!
Ready to transform your cash flow?
Do you recognize the cash flow challenges we've discussed? Are you ready to turn these challenges into opportunities? Don't hesitate to contact us. We're happy to explain how FinDock can help you improve your cash flow, enhance customer relationships and satisfaction, and focus on growth.
