What's New /
We are pleased to announce the Summer 2020 release is live. In this release we’ve added new features in this release to help you accelerate cash flow:
- Payment Gateway Framework
And we also revamped our audit history to offer you more robust reporting of system changes ensuring regulatory compliance.
Helping to reduce overdue payments and improve cash flow, we have launched CollectionsCloud, a new module built on industry best practices and in partnership with key enterprise customers. CollectionsCloud combines automated collections management with an intuitive dashboard to easily configure and manage the entire collections process.
With CollectionsCloud, you can segment customers based on risk and automate collection and dunning activities, helping to optimize employee productivity, reduce overdue payments and improve cash flow.
- Collector dashboard – this includes a real-time status of all activities, a prioritized list of actions due for the day requiring intervention and access to the complete customer account history.
- Actions – the solution comes with pre-configured actions (tasks) – email, text, call and notes with the ability to customize other actions as needed.
- Promise to pay - give customers the ability to make payment arrangements then automatically track if payment is made, if not, trigger workflow to suspend the account; when the customer does pay, automatically reactivate the account.
- Collections strategies – these are pre-set blocks of actions you define that are triggered for an individual account or parent account aggregating all child accounts when predetermined thresholds are met, such as reaching a certain outstanding balance or number of days past due.
- Manager dashboard – give managers the ability to keep track of a collector’s progress, such as assigning accounts, tracking activity, approving or editing collection strategies and more.
- Analytics capabilities – this helps you analyze data from past collection scenarios to identify trends and dynamically make changes, so you are always using the most effective strategies.
To learn more or to get a demo of CollectionsCloud, contact us.
Payment Gateway Framework
Enabling payment gateway providers just got easier. By providing an API-based common integration framework, new payment partners can easily plug their solution into BillingPlatform. This means that a customer or payment provider can be in charge of their integration and quickly rollout new payment functionality. We’ve seen tremendous demand from customers to be able to monitor the full life cycle of the payment process - from payment initialization to tokenization to payment processing to settlement and chargeback notification. The new framework allows customers to see the entire payment journey and allow for comprehensive reconciliation between financial systems.
By making the Payment Gateway Framework widely available, you can now enable the payment provider of choice and have them integrate directly to BillingPlatform or you can still select from several pre-built connectors and launch that solution immediately.
Audit History and Compliance Management
The audit history capability has been significantly enhanced, making regulatory compliance easier and audits more accessible. We've expanded existing auditing functionality. Just like before, tracking of changes can be enabled on any data element within BillingPlatform including changes to configuration and data formatting customizations. Changes are tracked at a field level enabling you to see the most granular modifications to the data.
The audit trail presentation follows a new format that is easier to understand. A newly added search interface lets the auditor immediately find answers to questions like which user modified an address on an account, or show me the actions of a given user, or track changes to configuration data such as report formats and workflows.
To learn how to take advantage of these features, contact us.
If you are a customer, you can access the release notes here.
The latest project fresh out of the lab is the Billing Intelligence Center. This capability helps identify problems with your billing cycle before your customers do.
Like most finance professionals, you may worry if you are billing incorrectly, missed billing some earned revenue, or wonder why revenue looks low. To help lessen that worry we created the Billing Intelligence Center.
This tool helps detect problems in billing before close and highlight unusual spikes or dips in usage, subscriptions or invoicing. With easy drag and drop capabilities, you can generate different views of your billing data, drill into the details and then take corrective action as needed. If you have accounts with issues, just click on the account in question to learn more or correct the problem.
With this tool you can track:
- Usage processing to see unbilled usage, usage variance and unprocessed alerts
- Invoicing by invoice variance, late invoice closes and late invoicing approvals
- Subscriptions to see unprocessed usage, subscription variance and expiring subscriptions, estimate unbilled subscription charges
Learn more about all the new innovations available and how you can test the beta versions here.
As we transition to the next release, we are focused on new capabilities that will help you better manage your operation, save time and cost, and increase your efficiency. Many of these items are a result of the conversations we are having with you as we continue to better understand and support your business. Here’s a preview:
- Continued UI enhancements such as inline edits and navigational improvements
- Automated refresh of sandbox organization
- Greater ability to externalize BillingPlatform interfaces as a standalone component to be used in customer applications