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Artificial Intelligence in credits and collection

Expanding the volume and risk of collections can be adverse on the cash flow and working capital. The hesitation to progress out of manual processes creates additional issues in operational productivity and performance. Continuing to grow linearly is not practical nor attainable at today’s costs.

By integrating machine learning into the credits and collections process, Payference has constructed an automated workflow solution that keeps you informed on cash flow and risk issues. Accurate forecasts are constructed by dynamic artificial intelligence implementation. Solutions such as one by Payference can not only provide cash flow forecasting but also a wide range of tools and customizations that give greater insight into a company and allows one to extract essential information immediately. The system’s customization lets users find predicted invoices for different time ranges, bettering cash flow forecasting precision. The system is intelligent to automatically send their low-risk clients engaging emails so the finance department can focus on the high-risk ones.

A refined dashboard lets Payference users track data sources easily to detect risk and establish collection strategies. The cash application procedure can be optimized with intelligent transcription and data identification to boost processing efficiency. The Payference system automatically pulls data from ERP systems, providing an improved overview of a company’s credit and collections operations. It also lets users instantly track invoice status and find relevant documentation straight from the platform. A team is provided ample information with real-time updates.

Payference allows AR team members to reach their goals quicker. To make invoice payments more user-friendly -thus more efficient,- Payference has created a payment portal that arranges information so clients can “pay with a single click.” These automated processes free time for collections teams to direct their attention to more urgent customers rather than spending long periods of time completing manual tasks. Customer satisfaction escalates with the addition of customization tools, including those to collect invoices and complete payments, all while decreasing the team’s overall workload.

From a range of services to adopt, your company can reap all the benefits of advanced fintech and keep your overall costs of ownership lower. Renovate your credit-to-cash process to boost your cash flow today!

Would you like to discover how businesses like yourselves can achieve a decreased DSO and accelerated payments, generating over 10x ROI using Payference?

Book a meeting to schedule your free consultation today.

For more information write to us at: contact@payference.com