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Alternative Payments Adds Collections Support for B2B Payments

Alternative Payments has launched a product designed to improve the accounts receivable (AR) collections process for services companies. 

The new Collections Assist product joins the company’s B2B payments and checkout infrastructure offerings, Alternative Payments said in a Monday (Dec. 18) press release

What sets Alternative Payments apart is its unique approach of embedding collections support within its product, according to the release. This means that businesses can now streamline and enhance their collections process, even in cases where invoices are overdue and customers are refusing to pay. 

One of the key features of Collections Assist is automated activation, which enables invoices that remain unpaid for 30 days to automatically activate within Collections Assist, the release said. This allows businesses to easily sort, evaluate and send overdue invoices to collections with just a few clicks. 

Efficient collections management is another crucial aspect of Collections Assist, per the release. By sending overdue invoices to collections, businesses can automate manual processes and save time and effort. This not only accelerates the collections process but also enables companies to focus on their core operations without being burdened by collections tasks. 

Collections Assist also provides immediate collection support, leveraging various techniques that may be too time-consuming for businesses to handle independently, according to the release. 

Moreover, when combined with Alternative Payments’ receivables automation software, Collections Assist aims to further enhance collections results, the release said. 

Historically, businesses have managed to recover approximately 40 cents for every delinquent dollar, per the release. However, by integrating Collections Assist with Alternative Payments’ offering, companies can expect a substantial boost in cash flow and an improvement in net working capital for both outstanding and overdue receivables. 

In another recent development in this space, global AR platform and credit control service provider Chaser said in August that it has added an artificial intelligence (AI)-powered “recommended chasing times” feature to its software. 

This feature uses AI to predict the best times for businesses to reach their customers via email or text message for invoices, helping them to optimize their collections efforts and reclaim time that is currently spent on manual follow-ups. 

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