Having integrated Cora ARFlow with the firm's own e-invoicing portal, it had full visibility across its customers' accounts receivables (AR) and could quickly adapt when the pandemic threatened to devastate its restaurant customer base and its customers' livelihoods.
When restaurants closed their doors to indoor dining, the company eliminated delivery minimums for customers whose volumes had dropped dramatically and stopped account late fees. It segmented customers into impacted and non-impacted categories to prioritize where it could help.
Analysis of credit metrics such as 'days without payments and sales' allowed the company to quickly identify restaurants facing temporary closure and offer alternate payment plans. It also tracked indicators of potential lost business, so the credit and sales teams could reach out to customers to see how they could help before they potentially closed their doors.
As the situation worsened, deeper segmentation of each customer's operating status – permanently closed, temporarily closed, open for delivery only, or fully operational – allowed it to tailor collections strategies even further. Powered by the integrated AR system, the company could offer personalized flexible payment arrangements to help customers keep running, including taking credit card payments, deferring payments, and completing payment freezes on existing balances.