Categories: B2B Payments

Invoiced Integrates AR With CollBox Collections Services

To power accounts receivable (AR) collections, Invoiced and bookkeeping-integrated application CollBox are teaming up. A new technology integration will make it easy for businesses to send vetted collection agencies overdue invoices and further decrease bad debt, according to an announcement.

Invoiced Co-founder and CEO Jared King said in the announcement, “While Invoiced helps customers get paid faster and spend less time on collections, our new CollBox integration now enables mutual clients to more easily recover that ‘last mile’ of otherwise uncollectible debt with just a few clicks. As a result, businesses can now minimize bad debt without having to wrangle invoices and agencies on their own.”

Clients of Invoiced only have to make an account with CollBox and can then link it with Invoiced. Users can choose overdue invoices in Invoiced and get collection offers to consider once they are connected. Then, they can look at the best offers from the vetted network of collection agencies from CollBox and send accounts in for collection in a matter of clicks.

CollBox Co-founder and Chief Executive Officer Cameron Desautels said in the announcement, “Invoiced has already earned an industry-leading reputation for accounts receivable automation at scale and reducing bad debt for its customers.”

Desautels continued, “But there will always be some number of invoices that need more specialized, late-cycle collection activities – and that’s why we’re so excited to integrate directly with the leading accounts receivable automation platform.”

In December, news surfaced that Invoiced was integrating payment processing functionality through the help of a collaboration with Chase and WePay. At the time, Invoiced announced the launch of Invoiced Payments, which enable companies that invoice their customers on the platform to more seamlessly settle those bills through a customer payment portal.

Invoiced highlighted customer onboarding, PCI compliance, integration and fee transparency as important benefits for users and their own business clients. King said at the time, “At Invoiced, our entire purpose is to make billing and collections efficient, effective and easy.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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