Resolve Payment Issues and Improve Cash Flow
When a shipper becomes involved in the collections process, many times operations may still be doing business with the shipper because they are not aware of the account status via credit limits or credit holds. The company is at risk of not collecting on outstanding invoices and potentially compounding the loss.
SHIPS Collections solution automates the collections process by monitoring the aging and/or total amount due reports within the accounting system. Shippers may be monitored by different criteria to flag poor or nonpaying trends. As invoices age to a pre-determined (carrier-based) date outstanding, workflows are triggered to send emails or faxes to the shipper with freight bills and supporting documents. This information is then placed in a collections workflow queue based on account responsibility. Rules can be created to escalate aged invoices to upper management for review once a specified threshold is met. Shippers' scorecards are automatically maintained with a collection status that could place the customer on credit hold, minimizing potential losses.
Collections Solution Highlights:
- Gathers, analyzes, and identifies delinquent accounts from the accounting system.
- Delinquent accounts are sorted by bill-to code, amount, or days outstanding.
- Gathers supporting documentation, then workflow routes to the responsible collection agent for follow-up.
- Escalates to management or sales personnel based on business rules.
- Sets the account to credit hold based on aged account information.