Easy-to-use software allows customers to track and automate collections activities, optimizing productivity and minimizing revenue leakage(BillingPlatform)
BillingPlatform, the leading global cloud-based monetization and billing solution provider, announced CollectionsCloud, an innovative new product built on industry best practices and in partnership with key enterprise customers. The solution combines automated collections management software with an intuitive dashboard to easily configure and manage the entire collections process. With CollectionsCloud, both B2B and B2C users can segment customers based on risk and automate collection and dunning activities, helping to optimize employee productivity, reduce overdue payments and improve cash flow.
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“Today, cash collections have never been more important. Too many businesses handle collections via semi-manual or manual processes that lead to revenue leakage and customer dissatisfaction,” said Andrew Dailey, managing director, MGI Research. “Using a modern, enterprise-grade solution to automate collection activities based on risk, probability of success, and best practices, organizations can decrease DSO, reduce churn and improve customer relations. This is one area of process automation that can lead to a positive earnings surprise and higher company valuation.”
BillingPlatform’s CollectionsCloud allows customers to automate actions with out-of-the-box tasks that trigger when certain thresholds are met. For high-risk accounts requiring a more hands-on approach, a mix of automated and manual tasks can be designed, implemented and tracked with the easy-to-use interface, and prioritized in the dashboard so collectors do not lose sight of high-priority accounts. These strategies can include a series of customizable emails and texts reminding the customer of a delinquent payment, a reminder for the collector to call and triggers to suspend or resume service based on payments made.
Key features of CollectionsCloud include:
- Collector dashboard – 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 – comes with pre-configured actions (tasks) – email, text, call and notes with the ability to customize other actions as needed.
- Promise to pay – automate promise to pay commitments with the ability to track payment arrangements and automatically trigger workflow based on payment.
- Collections strategies – pre-set blocks of actions that are triggered for an account when pre-determined thresholds are met, such as reaching a certain outstanding balance.
- Manager capabilities – give managers the ability to keep track of a collector’s progress, such as assigning accounts, tracking activity, approving or editing a collection strategy and more.
- Analytics capabilities – analyze data from past collections scenarios to help identify trends, better tailor future strategies and close any gaps in the collections process.
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