How much time does your finance waste trying to track down late-paying customers? How much revenue is lost due to unpaid invoices? How have paper jams in the payment process affected the customer experience?

If the answers to any of those questions are "a lot," then it's likely time to examine the effectiveness of your collections and dunning processes. We did an in-depth overview of the importance of collections and dunning in this blog post, but for a quick refresher, here are some basic definitions:

• Collections are systematically trying different ways to collect client payments if the default payment doesn't work.
• Dunning is the process — from initial reminders to overdue notices and beyond — businesses use to remind and encourage customers to make their payments.

For any growing company—but particularly those that have adopted complex subscription and usage-based pricing models—collections and dunning can get complicated quickly. When this process occurs, a sheer volume of transactions increases the number of overdue invoices and the effort required to track (and track down) payments. Manual tracking systems that flourished in the more straightforward, smaller days start to buckle, can lead to errors that take countless hours to unwind and ultimately mean lost revenue, frustrated customers, or both.

Fortunately, it doesn’t have to be this way. With the Gotransverse platform, collecting on past due accounts is a frictionless process. Let us show you how.

Collections & Dunning as Part of the Customer Experience

Though nobody truly enjoys paying for goods and services, collections and dunning remain critical to the customer experience. Think of the last time a store's machine couldn't process your credit card, a valued subscription lapsed due to an autopay failure, or you received an erroneous overdue payment notice. It certainly doesn't leave you with a very sunny outlook on the business.

At Gotransverse, we understand the struggle businesses face to collect payment on every invoice without ruffling customer feathers. We also know how powerful automation can be in streamlining complex, time-consuming business processes. That's why we've developed a suite of enterprise-grade collections and dunning tools that give B2B and B2C companies everything they need to walk that fine line between accounting for every invoice payment and providing a great customer experience to the very end. This includes:

• Payment retries allow failed payments to attempt payment on a configurable schedule.
• Configurable dunning plans that send notifications and/or trigger downstream changes for deprovisioning/provisioning service levels.
• Cure actions to prevent erroneous late notices or service interruptions.
• Payment plans can be tailored to individual customers who may need extra time to get up to speed.

All these capabilities (and more) are built directly into the Gotransverse platform, with no integration required. Furthermore, collections & dunning come with the same expert support and white-glove implementation as the core platform features.

The features listed above are just a few ways our platform can dramatically impact our customers' collection and dunning capabilities. We’ll break down all four of them here, and you can learn more in our collections and dunning data sheet.

Payment Retries

Ideally, customer payments would always go through correctly, right away. However, errors like insufficient funds occasionally occur even when customers are on top of their payments. So, we offer configurable, automated payment retry schedules to collect on submitted payments but, for whatever reason, didn't go through the first time—without hassling customers any further. (The platform also includes automated actions—like credit card expiration warnings—to avoid failed payments in the first place.)

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 users to create plans to automate those gentle and not-so-gentle nudges and, when necessary, deprovisioning services. But we also know that not every customer needs the same type of reminders. That's why our system is flexible, empowering businesses to treat different types of customers differently as necessary.

Automated Cure Actions Notifications

It’s frustrating for customers to receive an overdue notice for a bill they’ve already paid just because the finance department missed (or never got) the memo. Companies need to be alerted when overdue invoices are paid so actions can be taken to move those customers out of delinquent status and, if applicable, turn back on relevant services. We've built in automatic notifications to track levels 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 various payment plans to help delinquent customers pay back what they owe.

Here at Gotransverse, we prioritize taking 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’s collections and dunning tools were 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 tour the Gotransverse platform and call us to schedule your complimentary, personalized demo.