Automate Your Payment Outreach And Get Paid Faster

Yes, we can support multiple subsidiaries and entities within your ERP. 

Yes, Fazeshift’s interactive analytics dashboards allow you to get up-to-date insights on your aging schedules, credit memos, customer payments, payment communications with customers, cash application progress, and payment status. 

As far as accounts receivable automation is concerned, global companies should focus on workflow automations that are centered around data security, regulatory compliance, and efficiency. 

• Automate Invoicing and Dunning Workflows: Automatically generate and send localized invoices for each entity, as well as trigger payment reminders based on customer behavior and local laws. You may also want to adjust the tone and frequency of emails based on a customer’s status or where they’re located. Doing all of this ensures that you can comply with region-specific communication regulations and have meticulous records for auditing purposes.
• Automated Payment Tokenization: Use third-party payment processing services, such as Stripe or Adyen, to store payment data, and automating workflows so credit card payment data never touches your servers.
• Secure Communications Workflows: Automate the use of secure messaging platforms or portals for payment-related communication, and use role-based access control and logging for transparency purposes.
• Automate Exception and Dispute Handing: Route disputes or late payments to the correct departments or regions and automatically flag sensitive customer data for redaction before it’s escalated.
• Audit and Access Logs Automation: Comply with PCI by automatically logging every access and change to personal or financial data. Use immutable logs to support investigations and audits based on GDPR requirements.
• Automated Data Retention and Deletion: Use customizable workflows by company or jurisdiction to only retain data for as long as necessary. Automatically delete or anonymize data after a retention period has passed.
• Gatekeep Access and Mask Data: Automatically assign access based on employee roles and where they’re located, and mask sensitive data in reports except for those employees who are authorized to review them.
• Simplify Regulatory Reporting and Alerts: Automatically generate reports, such as data breach notifications or transaction audits, for local regulators, and trigger alerts for suspicious behaviors or activities.

Finance teams are increasingly leveraging AI-driven collections tools like Fazeshift to reduce days sales outstanding (DSO) by automating repetitive tasks, personalizing outreach, and predicting payment behavior without having to hire more people. 

Here’s a few examples of how the collections process is now being automated with Fazeshift: 

• Automatically Segment and Prioritize Accounts: Fazeshift’s collection agent classifies customers by risk, payment behavior, and invoice size to prioritize collection efforts. Rather than trying to chase down all customers at once, customers are automatically separated into tiers. For example, low-risk and high-value customers would get a friendly reminder, while medium-risk customers would receive a dunning letter with an escalation plan in place.
• AI-Assisted Personalized Outreach: Fazeshift’s collection agent crafts smart, personalized dunning emails based on a customer’s payment behavior, tone, and payment history.
• Payment Behavior Predictions: Fazeshift’s collection agent predicts when a customer is likely to pay based on their payment history, industry, and other factors. These insights are leveraged to provide your accounts receivable team with actionable insights. For instance, invoices that will likely be delayed are flagged before the due date so collectors can pre-emptively intervene.
• Intelligent Workflow Automation: Fazeshift’s collection agent automates reminders, escalations, dispute handling, and the routing of tasks. For example, a reminder can be sent three days after an invoice is due. If the invoice isn’t paid within four days, a case is created in Salesforce and the account manager is notified.
• Payment Plan Recommendations: Fazeshift’s collection agent can suggest dynamic installment plans for customers based on their financial behaviors and your credit policies.
• Real-Time Collection Insights and Dashboards: Fazeshift’s collection agent analyzes collection performance and recommends adjustments, such as changing outreach frequency or revising credit limits.

Collections automation refers to the use of software and AI to streamline and automate the process of collecting outstanding payments from customers.

With automation, accounts receivable teams can automate

• Payment reminders for various communication channels, including email and text
• Dunning workflows by escalating communications based on how overdue they are
• The tracking of disputes
• Where communication should be routed to for resolution
• Task assignments for exception handling
• The reporting of key performance metrics, such as days sales outstanding or aging buckets.

Collections can be manual, time-consuming, and reactive, which can delay cash flow, strain customer relationships, and lead to human error or missed follow-ups. Automation improves that by accelerating how fast your organization gets paid, which frees up accounts receivable teams to focus on higher-value tasks, improves visibility into your outstanding receivables, and ensures that customer outreach is consistent and timely.