Credit and Collections

Transform Credit and Collections

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.

  • Increase efficiency with a credit and collections management solution that embeds automation and workflow across collections, dispute resolution, credit risk management and cash application.
  • Drive collections prioritization with the power of FIS™’ Predictive Metrics risk scoring solution, which is embedded into GETPAID.
  • Deploy the solution on premise, in a secure private cloud environment or via secure SaaS delivery.
Read our corporate liquidity blog

Cash Application

Speed up the Process and Reduce Error

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.

  • Improve the hit rate and hit rate accuracy of cash application.
  • Increase productivity and minimize manual cash application processing.
  • Lower your days sales outstanding (DSO)
  • Expedite identification of deductions.
  • Capture and track short-pay trending at the customer level.

Collection Agency Placement Portal

Reduce Agency Management Expenses

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.

  • Increase agency visibility within the collections management application.
  • Automate data flow between the collections and agency applications.
  • Gain more accurate commission reconciliation with agencies.
  • Achieve lower agency management expenses.

Collections Scoring

Drive Risk-based Collections with Statistical Modeling

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.

  • Lower days sales outstanding (DSO) and mitigate bad debt expense with statistical modeling.
  • Use internal data for predictive analysis and combine with external variables.
  • Identify sales opportunities.
  • Eliminate the need for bureau data.
  • Receive complimentary validation process.
  • Improve productivity.

Credit and Collections Management Reporting

Gain a Comprehensive View of Financial Performance

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.

  • Easily define metrics and KPIs to gain real-time, global access to data for tracking collections effectiveness, performing cash forecasting and monitoring credit risk.
  • Monitor credit risk exposure on a global level.
  • Conduct root-cause analysis on disputed invoices.
  • Protect your company by tracking adherence to credit policy.

Credit Risk Management

Make Faster, More Accurate Credit Decisions

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.

  • Empower the credit team to more accurately evaluate payment history and disputes, score accounts, automate daily credit processes and monitor fluctuations in credit risk.
  • Adjust your collections strategies based on credit risk fluctuation.
  • Reduce bad debt expense and write-offs.
  • Improve productivity and collections effectiveness.
  • Enhance the sales process with online credit application.

Customer Portal

Give customers real-time access to account details and payment processing.

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.

  • Gain faster response time to customers.
  • Increase productivity both internally and for your customers.
  • Expedite payments by offering multiple online payment options.
  • Enhance customer satisfaction and communication.

Deduction Management

Reduce Dispute Resolution Cycle Times

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.

  • Boost collector productivity and enable them to focus on accounts with the greatest potential for balance recovery.
  • Empower the credit team with a mobile deduction management application and a sales and service portal that facilitate collaboration and timely dispute resolution.
  • Decrease dispute volume with root-cause analysis.
  • Reduce bad debt and operating expenses.
  • Improve tracking and visibility.
  • Enhance the customer experience.

Sales and Service Portal

Collaborate with Sales and Services to Resolve Disputes

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.

  • Helps collectors collaborate with sales and services for timely dispute resolution
  • Improves the effectiveness of the sales organization
  • Improves client response time
  • Provides visibility for root-cause analysis
  • Offers remote access from the web or via a mobile app

Strategic Collections

Improve Collections Management Efficiency

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.

  • Prioritize collections with risk-based collections management strategies.
  • Lower days sales outstanding (DSO) and improve your cash flow.
  • Reduce past-due account receivables.
  • Improve productivity by replacing manual processes with advanced technology that enables credit professionals to react more quickly to fluctuations in paying habits.
  • Mitigate bad debt expense.
  • Improve the client experience.
  • Give collections management staff visibility into when they have been paid.