On Account Feature
The On Account feature allows businesses to streamline their payment processes by offering a credit line or account balance system to their customers. Through the Core dna platform, integrating On Account functionality can enhance user experience, foster customer loyalty, and simplify the invoicing and payment collection tasks for businesses.
How It Works with Core dna
Core dna’s integrated platform facilitates seamless On Account operations. This involves creating and managing customer accounts with specific credit limits assigned to each. These accounts are utilized by customers to make purchases, with balances adjusted accordingly and statements issued periodically.
Customers can log into their account on the business’s website powered by Core dna, where they can view their account balance, recent transactions, and upcoming payment due dates. The system automatically updates the balance and generates invoices that customers need to settle by designated dates.
| Feature | Description |
|---|---|
| Account Management | Setup and management of customer accounts with credit limits. |
| Automated Billing | Automatic generation and sending of invoices. |
| Real-time Balance Updates | Instant updates to account balances after each transaction. |
Practical Use Case
Consider a B2B company selling office furniture and supplies. With the On Account feature, their clients can make bulk purchases without immediate payment. They place orders online, confirmed instantly against their credit availability. The company’s finance team manages these accounts through Core dna, ensuring each transaction reduces the customer’s credit limit and adjusting balances accordingly.
In this use case, account statements are rolled out monthly, detailing every purchase and any outstanding balances. Customers can efficiently plan their cash flow and make scheduled payments as per agreement with the company. Additionally, the flexibility offered by the On Account feature can lead to higher order volumes and frequent repeat business, which is a significant advantage especially in wholesale models.