Before we had the portal, our customers handled financing entirely manually: they received invoices in PDF format and then either emailed them or filled out a request form. In 2023 alone, we processed over 7,000 invoices like this.
The challenge
Replacing manual, cumbersome invoice submission with a fast digital process.
Provide customers with a solution where they can see all their invoices and their respective status at a glance.
Avoiding limits in business volume due to processing.
The original manual process to apply for EPT was slow and inefficient. Customers had to collect and submit invoices via email or PDF, which lacked visibility regarding credit limits and outstanding invoices. In 2023 alone, over 7,000 invoices were processed manually, limiting business growth.
This realization led Siemens Financial Services to address the challenges they faced in order to deliver an easier, more efficient EPT experience.
The solution
SFS partnered with Mimacom to develop a streamlined customer portal, transforming the EPT experience by integrating it with Siemens' backend systems. The portal provides:
A centralized view of all invoices and payments.
Real-time visibility into credit limits and outstanding invoices.
Simple, intuitive navigation – financing and extension of payment terms can be completed in just three clicks
Easy tracking of terms and contract status.
A key concept that Siemens Financial Services put forward is that they didn’t want to over-engineer anything. Their customers only want the most high-level, relevant information, so the user interface (UI) should be simple and easy to use, with a clear, legible overview.
The customer should never have to click more than three times…they don't want to spend hours on financing their operations. They want to just go in there, click, and then continue to do what's core for their business.
Mimacom proved to be an invaluable partner in the development of a simple yet smart portal. Their early integration into the project team provided expertise and facilitated a collaborative approach, which was instrumental in bringing the Siemens Pay Later Portal to fruition. As a new partner for Siemens Financial Services Americas, the ramp-up was fast, but Mimacom's agile methodology was key to ensuring the project went off without a hitch. Joakim Prytz, Head of Captive Finance, Americas, praised Mimacom’s agile approach, stating that the initial draft of the portal exceeded expectations and required minimal feedback, highlighting the effectiveness of Mimacom’s collaboration and expertise in delivering a user-friendly solution.
And with all of the paperwork that needed to be done, we were taking days until we got the financing in place. Whereas now, we’re done within minutes.
The result is the Siemens Pay Later Portal, which offers a comprehensive and efficient solution for managing finances. Customers can easily view their credit limit, interest rate, and open invoices and apply for extended payment terms for selected invoices. Once applied, the respective invoice status can be tracked with ease. All invoices can be sorted and filtered for convenience as part of an overview of existing EPT invoices and their due dates. The portal also simplifies record-keeping by enabling downloads of selected invoices, providing customers with full transparency and control over their financial commitments.
We received positive feedback on the portal's clean look and user-friendly UI, which was made possible due to Mimacom's receptiveness to design feedback and their understanding of the end-user experience.
The Pay Later Portal has been well-received by Siemens customers, with many highlighting its ease of use and improved efficiency. One customer commented, "WOW. This is much improved over the process we had before – not having to send the invoices ourselves is fantastic”, while another fed back that, “this portal looks very user-friendly. Having a system like this will make it much easier for us to request Extended Payment Terms.”
We used our bank line most of the time before. But now, with the new portal, the process is seamless. I’ll need to reevaluate our usage between the bank line and EPT, but you can expect to see more requests!
The impact
Faster financing decisions, improving customer satisfaction.
Increased transparency and efficiency for both Siemens Financial Services and its customers.
New customer acquisition due to a seamless process.
A competitive edge over traditional financial institutions.
Customers now find Siemens Financial Services’ financing process more accessible than traditional banks, positioning Siemens as a leader in B2B financial services. Mimacom’s ability to accommodate Siemens’ needs and translate ideas into a functional and intuitive design was integral to the success of the portal, making the user experience both seamless and efficient from the very first draft.
Customers compare our financing to their bank’s – and banks never offer just three clicks. Never.
Above all, the invoicing process has attracted new customers. The low barrier to entry not only means that existing Siemens customers are choosing Siemens Financial Services, but the news is spreading fast across industries. Siemens Financial Services' EPT solution is now seen as one of the most user-friendly methods to secure working capital, delivering a more straightforward and streamlined service not offered by big banks.
Mimacom played a crucial role in ensuring the platform met customer expectations, delivering a digital transformation that aligns with the evolving needs of B2B finance.