Impact of Covid-19 and the Future of Payments

Presented by

Judy Bicking, Lisa Rolfe, Jess Scheer

About this talk

The Coronavirus outbreak, and the subsequent global recession, will forever transform how organizations are paid. At a surface level, paper checks (which accounted for nearly half of all payments at the beginning of the pandemic) are being replaced with ACH and other e-payment options. But the changes run deeper. AR leaders tell IOFM that buyers are disregarding payment terms and adopting pushback strategies, forcing today’s most successful AR leaders to monitor Credit and Collections performance to safeguard receivables with better planning. Judy Bicking (Johnson & Johnson’s longtime global shared services leader) and Lisa Rolfe (The Reynolds Company’s Manager of Credit & Receivables) will share how today’s most successful AR departments are: 1. Increasingly working with sales to proactively address payment delays 2. Tackling payment delays or credit limit adjustment individually 3. Working with the c-suite to address payment and cash-flow issues 4. And, managing slow payments with creative solutions (including splitting invoices into multiple, date-specific payments).
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