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
White Papers
Provided by UJET
Further Reading
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
The Small Business Administration (SBA) is launching a line of credit program that gives small businesses up-front access to capital and mo...
Companies are declaring bankruptcy at a rate not seen since the 2010 recession. And it’s bad news for credit and accounts receivables...
The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for ...
Smart and efficient credit risk management is critical to the bottom line. It’s especially important if you’re like the many co...
Can automated payment systems be guilty of discriminating against certain groups of people? The federal government says yes, they absolutel...
