Managing Collections and Dunning
One of the most uncomfortable parts of the billing process is collecting chronically overdue payments. Whether this involves having internal staff or an outside firm handle collections – or automating the process with dunning – the goal is to collect overdue revenue while still maintaining good working relationships with your customers.
Reduce Overdue Payments and Improve Cash Flow
- Process Automation – Tie the collection process to Aging and automatically generate tickets and notifications.
- Customer Portal – Give your customers a platform for account information and open communication about overdue invoices.
- Analysis and Tracking – Measure your collections metrics to get a complete view of the process.
- Proactive Response – Empower your agents to directly respond to customer inquiries and turn off service until payment is made.
- Dunning Automation – Easily tailor schedules and messaging by customer preferences.
- Customized Notifications – Delivers customer-centric dunning flows to ensure you are communicating effectively with different types and levels of customers.
Process AutomationLeave manual collections methods in the dust
Dramatically reduce your collections cycle and speed receivables because BillingPlatform automates each step of the collections process.
Manual collections processes can lead to disorganized communications about when past-due payments were made (or if they were made), leading to strained customer relationships and missed revenue.
BillingPlatform ties collections to Aging, and the system automatically generates collections notifications with progressive messaging tailored to communicate how late the payment is and alerts customers to pay ASAP. This helps accelerate receiving overdue funds to improve incoming cash flow.
Customer PortalKeep communication open with your customers
Leverage the Customer Portal to communicate interactively with your customers and share information on past-due balances. Configure the BillingPlatform customer portal to share all vital account information and accept payments directly.
Too often, the collections process is a one-way conversation between the company and its clients, with the company sending out invoices and notices when the customer may not understand or be are aware that they’re late.
BillingPlatform’s Customer Portal provides a real-time communications interface with your customers where you can share overdue invoices so they can interact, correspond on the situation, and share snapshots of bank information to verify payments.
Analysis and Tracking
View the full picture of overdue accounts in one place
Proactive ResponseHelp your agents respond quickly to collect missing revenue
Give your in-house or third-party collections agents complete visibility into collections data so they have this information at their fingertips when reaching out to past due accounts.
Often in the collections process, chronically late customers experience little to no consequences for their actions. Without consequence, these customers may continue to miss future payments.
In BillingPlatform, your collections agents can add real-time notes and respond to customer inquiries in the Customer Portal, then generate a collections workflow to show the series of tasks that need to be completed. BillingPlatform also lets your agents turn off service or communicate with third-party systems to suspend service until payment is made.
Dunning AutomationReach customers quickly to ensure fast resolution
Keep customers informed of outstanding balances with aging and transaction information in a manner customized to their preferences. BillingPlatform automates the entire dunning process.
Legacy systems have only limited choices for dunning, which are ineffective and can lead to extended dispute cycles, increased delinquencies, and lower customer satisfaction.
BillingPlatform’s customer-centric dunning lets you configure reminders in the way that suits the customer – from emails, letters and texts to language and cultural preferences – to send the right message. By reaching customers in more ways, you ensure faster resolution and may avoid interruptions to revenue flow.