How much time would you estimate your organization’s finance team spends tracking down late payments? How much revenue does your company have to write off as a result of unpaid invoices? How many customers have been lost due to payment challenges?

As a company grows, incorporating subscription and usage-based pricing models and adding to its customer base, the sheer volume of invoices increases both the number of overdue invoices and the effort required to reel in and track payments. The expanding workload creates additional risks for errors in manual tracking systems, and the confusion and lack of transparency is likely to lead to unnecessary late notices that frustrate customers, missed late notices that lead to lapsed revenue and countless hours sorting through what’s been paid and what hasn’t.

Make Sure Every Invoice Gets Paid — Without Jeopardizing the Customer Experience

At Gotransverse, we understand the struggle to collect payment on every invoice without ruffling customer feathers, and we also know how powerful automation can be in streamlining complex, time-consuming business processes. That’s why we’ve developed Collections, enterprise-grade collections and dunning tools that gives B2B and B2C companies flexible payment retries, dunning plans, and payment plans. Payment retries allow for failed payments to attempt payment on a configurable schedule. Configurable account dunning plans send notifications and/or trigger downstream changes for deprovisioning/ provisioning service levels. Once the payment is taken, cure actions can be taken to reverse the changes. The platform provides the ability to create payment plans for delinquent customers.

Collections is built right into the Gotransverse platform, so the tool requires no integration. Furthermore, it comes with the same expert support and white-glove implementation as the core platform features.

Here are just a few of the features that have a dramatic impact on our customers’ collection and dunning capabilities.

Payment Retries

Ideally, customer payments would also go through right away. However, errors, like insufficient funds, do occasionally occur when customers are on top of their payments. So, we offer configurable, automated payment retry schedules to collect on payments that were submitted but, for whatever reason, didn’t go through the first time — without hassling customers any further.

Configurable Dunning Reminders and Actions

As much as we wish they would, customers don’t always stay on top of when their invoices are due. Our dunning system allows you to create plans to automate those gentle and not so gentle nudges and when necessary, deprovisioning services when needed. But we also know that not every customer needs the same kind of reminders. That’s why our system is flexible, empowering your business to treat different types of customers differently as needed.

Automated Cure Actions Notifications

It’s frustrating for customers to receive an overdue notice for a bill they’ve already paid and for a finance department to not know that the bill has been paid. Companies need to be alerted when overdue invoices are paid, so the actions can be taken to move the customer out of a delinquent status and, if applicable, turn back on the relevant service. We’ve built in automatic notifications to track statuses to prevent incorrect customer notices and lapses in service.

Payment Plans for Delinquent Invoices

When customers get behind on their payments, businesses walk a fine line between collecting their overdue revenue and maintaining — or repairing — the customer relationship. Gotransverse Collections is designed to help our clients find balance on that tightrope, supporting a variety of payment plans to help delinquent customers pay back what they owe.

Here at Gotransverse, our priority is to take the headaches out of manual billing processes. As companies grow, old-school billing platforms and Excel spreadsheets are no longer enough to ensure smooth order-to-cash processes, and collections and dunning are no exception. Gotransverse Collections was designed to ensure every invoice is paid and all revenue is claimed — without negatively impacting the customer experience. To learn more about how Gotransverse can streamline and enhance your billing operations, we invite you to take a tour of the Gotransverse platform and call us to schedule your complimentary, personalized demo.