What’s the future of the fax in Collections?
The fax machine doesn’t play the same role as it did in the past for A/R, but by no means has it become obsolete.
A study by the Credit Management Association recently polled Collections pros and asked, “Is your department still sending and receiving faxes?” Here’s a breakdown of how firms responded:
- Yes, but usage has decreased (48%)
- Yes, faxes are still vital (34%)
- Very rarely do we send a fax (11%), and
- We don’t send them, but we receive them (5%), and
- Not at all (1%).
There’s still a large number of Collections departments who use faxes to communicate with customers, but the usage is steadily decreasing — and will continue to do so moving forward. So A/R pros will probably want to start relying more heavily on emails and scanning to interact with customers.
- Share on
Free Training & Resources
Further Reading
Companies are declaring bankruptcy at a rate not seen since the 2010 recession. And it’s bad news for credit and accounts receivables...
Collections teams are under added pressure to keep after delinquent accounts and press for payments, even if only partial ones. Waiting too...
If your Accounts Receivable (A/R) process still includes manual steps, you’re not the only one. Not by far. Recent A/R benchmarks hig...
Finance teams are using more AI and automation than ever, but the real question is whether they make invoice-to-cash work faster, cleaner, ...
Almost every company faces this scenario at some point: A small to midsize business customer is late making payment for a product or servic...
If yours is like most companies, you’ve got at least one staffer managing cash application of payments. And if your cash application ...
