As a technology leader, Collection is an important capability that you offer to your peers in your Finance organization. Covid-19 are examples of other factors that brought out economic hardships challenging the customer retention itself, let alone the timely payments for your invoices.
Some of the key KPI’s for Billing and Accounts Receivable are only achieved by an effective Collections process. All timely payments alone would be an ideal situation. However, that is not necessarily the case.
To address the topic, Embrix put at its core the principles of Flexibility, Simplicity, Configurability and Efficiency in the process and execution when designing collections. Configure once, review the data periodically (e.g., yearly), tweak the configuration as required and let the platform do the rest automatically.
Key highlights of Embrix Collections process are,
- Creating and managing multiple collection profiles and schedules for all automated actions.
- Automatic assignment (or manual override) of the collection profile to each customer.
- Manage manual actions beyond the automated collection actions.
- Setup flexible payment installment plans for each invoice in collection or across invoices.
- View, monitor the collection history and actions.
- Auto notification to customers for payment reminders, status changes of subscription or account.
- Auto trigger of invoices into collection, policies to determine the trigger into collection or pull an account out of collection.
- Auto assign (or manual override by admin) to assign the collection agents to accounts or as invoices go into collection.
- Monitor collection agent activity for collection admin
- Keep track of collection KPI’s with effective and customizable reports and dashboards.
- And more…
Partner with Embrix and reach out to us at sales@embrix.com for a demo or consultation.