Create collections activities based on payment predictions
Important
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Enabled for | Public preview | General availability |
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Users by admins, makers, or analysts | Aug 31, 2021 | Oct 29, 2021 |
Business value
Collections process automation can save time by setting up a consistent strategy for your collection process. Customer payment predictions can predict when customers are likely to pay an invoice late. By combining both features, you have one more automated tool to reduce the amount of time spent researching customer invoices and determining collection activities that will help your business get paid faster.
Feature details
Customer payment predictions predicts the likelihood that a customer invoice will be paid on time, late, or very late by assigning a percentage to each invoice. If you know the likelihood of an invoice being paid late, the Collections process automation feature can create collections activities for those invoices. You can also set up a threshold or benchmark percentage. Setting a benchmark helps ensure that collections activities are created only for the invoices where the predicted percentage of being paid late is greater than the percentage you set.