Credit and collections departments are tasked with lowering days sales outstanding and reducing past-due accounts and dispute cycle times. However, they are challenged by manual processes and a lack of resources. GETPAID, a comprehensive credit and collections management solution suite, aggregates data for a single view of cash and risk.
Many companies still apply cash receipts manually, which can result in misapplied payments and long processing times. Further, cash application systems often operate independent of core credit and collections operations. ™’ credit and collections management solution, GETPAID, combines cash application processing with collections, dispute resolution, credit risk management and electronic invoice payment.
Many companies with heavy account receivables volumes turn to collection agencies to supplement internal resources. The preparation and transfer of information to the agency is often manual, as are tasks related to tracking agency efficiency and reconciling payments recovered. FIS™’ GETPAID collection agency placement portal automates the collection of revenues assigned to collection agencies.
Companies can accelerate collections by using statistical modeling to identify high-risk customers for a strategic collections strategy. FIS™’ Predictive Metrics solution within GETPAID helps by calibrating risk scores to customers’ payment habits, before automatically categorizing them for the appropriate strategy. This statistical modeling solution offers greater accuracy than using bureau data.
Key performance indicators (KPIs) and detailed reporting are vital to effective credit and collections management. The ability to access and share information on collections effectiveness enables you to accurately forecast, manage corporate credit risk, track performance and perform root-cause analysis. GETPAID provides timely, universal access to data across credit, treasury, accounting, sales, service and operations.
Failure to assess credit risk correctly can lead to dangerous cash flow problems, which is why credit professionals need readily available data for quickly and accurately making decisions. FIS™’ credit risk and collections management solution, GETPAID, combines credit risk management with collections facilitation, dispute resolution and cash application.
The customer portal is a collaborative tool designed to link suppliers and customers. Within FIS™’ GETPAID suite, the customer portal delivers electronic invoice presentment and payment (EIPP) functionality to your customers, as well as the ability to view account details, reprint invoices, communicate invoice discrepancies or make payments. Data provided from your customer is available to view by collectors, dispute resolvers, sales people, credit analysts and customer service in real time.
Managing and quantifying deductions, disputes, chargebacks and claims is fraught with manual processes and poor documentation. The GETPAID credit and collections management solution reduces deduction management cycle time and volume by integrating dispute resolution with collections management, cash application and applying workflow. The solution automatically assigns, notifies, tracks and escalates for timely dispute resolution.
Recurring issues, such as partial payments, pricing errors, tax discrepancies, short shipments, product quality and promotion claims all contribute to a company’s disputes. FIS™’ GETPAID Sales and Service Portal provides a life cycle approach to dispute resolution management, including problem detection, assignment, notification, tracking, escalation, resolution and root-cause analysis for process improvement.
Cash collection is critical, because without cash, you cannot pay workers, invest in production or fill orders. But collections management often relies on manual processes that are inefficient, error-prone and costly. FIS™’ credit and collections management solution, GETPAID, combines collections management with dispute resolution, credit risk and cash application.