Payference

Pros

I like the automation features in accounts receivable and the ability to customize workflows for different customers. The report summaries that show which customers received emails and the time saved are valuable as they allow my team to focus on other tasks. I also find the visualizations on my admin dashboard and at the customer level very helpful.

Cons

I did like more customization options for the columns and filters on both the admin and customer sides. My customers would benefit from being able to apply credits when making payments. I did also like to see discounts calculated and applied or not based on payment terms. Additionally it would be helpful to email statements to specific groups (e.g, seriously overdue accounts or balances over a certain amount) with a custom message. Lastly the time it takes for Stripe payments to be processed is slower compared to ACH transfers from a customers bank.

Pros

Working with customer support team has been a great experience! Throughout our integration, launch and ongoing use over the past year and a half, Payference has delivered exceptional customer service. We mainly use the Accounts Receivable feature and the reminder emails for various payment options. The platform is user friendly and has made a big difference as our customer base expands.

Cons

They keep updating the portal, which I really like but we do not always get notified about these changes or how they might affect our business and our customers. Also customers are currently unable to use credits for their payments which is a minor issue that we manage through our accounting system that integrates with Payference.

Pros

It improves our cash flow as it follows proper accounting processes.

Cons

It can be difficult to use if the client is not managing AP and AR correctly or is not using the right transaction types.