Earlier this month, Dan Beter, our Director of Customer Solutions, created a video to introduce Gotransverse’s collections and dunning tools. We encourage you to watch the full video here, but in the meantime, these are the highlights.

MGI research shows that 42 percent of companies experience revenue leakage, which is what happens when businesses inadvertently leave money on the table. While these leaks can be on the expense side, they’re more often the result of under-billing customers — or failing to collect — for the products and services they’ve used. While statistics vary, the general consensus is that outdated or underperforming billing systems allow for leakage of about 2 to 5 percent of a business’ revenue. For a million-dollar company, that adds up to $50,000 per year. Our own customer, YTEL, had more than $100,000 of unpaid services from a single client before we helped them detect and correct it (read the full case study here).

Unfortunately, this kind of loss is incredibly common. That’s why Gotransverse has created sophisticated collections and dunning tools — to stop revenue leakage and ensure our clients are able to collect payments successfully, fully, and efficiently. These tools make it easy to identify any outstanding, overdue payments, and they also enable users to automate notifications to both customers and internal teams in order to ensure those overdue payments don’t linger.

Let’s take a look at the three primary tools that allow our customers to be proactive, collecting revenue before customers rack up thousands of dollars in unpaid services.

Dunning Plans

Our highly customizable dunning plans are designed to reduce and manage day sales outstanding (or DSO, referring to the average number of days it takes to collect payment after every sale). The plans allow users to configure specific steps and create and send notifications, all automated based on the number of days an invoice is past due.

These plans can be tailored based on each customer’s needs and behaviors, whether they’re premier customers, high risk customers, or any other classification. That way, you can communicate with each customer in the manner that’s most likely to result in paid bills.

Like most elements of the Gotransverse platform, setup of dunning plans is easy: just name the plan, create the steps, and assign action items to each, including emails to customers, internal status notifications, late fee creation, service deactivation, and more. Then, all you have to do is apply the plan to relevant accounts, and Gotransverse will execute automatically, making dunning status and reports available regularly in order to keep internal teams up to date. All this in service of capturing revenue before it gets lost.

Payment Plans

Gotransverse’s payment plans allow businesses to ensure outstanding balances are paid by creating a schedule that meets customers’ financial needs. Like the dunning plans, these are configurable to provide the right type of experience for each account, enhancing the customer experience while minimizing revenue leakage.

New payment plans can be created based on overdue invoices, and they give customers the opportunity to set up automated payments via credit card or bank draft, or to make payments manually at their convenience. These payment plans also work in tandem with dunning notifications to ensure customers aren’t receiving overdue notices while they’re working to pay off their debt.

Whether a customer’s financial situation has changed (a common problem, given the current economy) or they’re simply catching up on overdue invoices, Gotransverse’s payment plans give both you and your customers additional flexibility and ensure revenue is ultimately captured.

Payment Retry

Credit cards can fail for a variety of reasons, often no fault of the client, but no matter why it happens, a failure can lead to lost revenue if it’s not caught. That’s why we’ve created automated payment retries — to ensure each payment failure is noticed and rectified quickly.

Users can customize retry schedules for different accounts, and configurations include how many retries to attempt, how many days to wait between retries, and which payment processor failure codes should be considered for an automated retry.

These automated payment retries help companies ensure they receive payments before their customer accounts fall into collections, capturing and recording revenue in a timely manner.

Intrigued? Watch Beter’s video to see these tools in action. And if you’d like to learn more about the Gotransverse platform, we invite you to take a virtual tour today. Then, when you’re ready, request a demo to speak directly with one of our experts.