ATLANTA, Feb. 23, 2016 /PRNewswire/ -- Receivable Savvy today published the 2015-16 Perceptions Deep Dive: A definitive benchmarking guide for payment and remittance. The study was done to help Accounts Receivable and Order-to-Cash professionals better understand how industry, revenue and invoice volume play a part in customer payment.
Key takeaways from the study include:
- Smaller companies prefer receiving paper checks from customers at a rate 2.5 times greater than larger companies.
- Companies using electronic methods when submitting invoices prefer ACH payment to paper check payment by a margin of 9 to 1.
- Receipt of paper checks at off-site lockboxes are very rare for companies with less than $5 million in revenue but are very common for larger companies with more than $1 billion in revenue.
- Supplier organizations are much more likely to accept early payment discounts from customers (67%) and third parties (64%) if they use an ERP solution to submit invoices.
- Supplier organizations with revenue over $1 billion and invoice volumes over 10,000 are much more likely to receive remittance data from customer portals (38% and 39%, respectively) compared to suppliers with revenue less than $5 million (5%) and invoice volume less than 500 (7%).
"As an extension of our original 2015 Perceptions Study, this deep dive allows us to share more detailed data regarding how suppliers receive customer payment and the inherent differences when the data is segmented by supplier revenue, invoice volume and industry," said Ernie Martin, Founder and Managing Director for Receivable Savvy.
The next study to be released by Receivable Savvy, as part of the Perceptions series, will be a deep dive report on invoicing in late spring.
The deep dive study on payment and remittance can be downloaded here: 2015-16 Perceptions Deep Dive Study – A definitive benchmarking guide for payment and remittance.
Receivable Savvy helps supplier organizations master the complex Order-to-Cash process and maximize revenue through proprietary research, best practice content and insight from subject matter experts.
Founded in 2015, Receivable Savvy desires to cultivate knowledge and understanding among suppliers while also delving into their habits and practices. Comprised of industry veterans, Receivable Savvy strives to be the primary source of financial supply chain information for Accounts Receivable professionals focused on key elements of the Order-to-Cash process.
We help our members understand issues around customer master data, order management, credit management, invoicing, accounts receivable, payment, collections management, cash application, compliance and internal controls.
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SOURCE Receiveable Savvy