Alternative Payments’ newly announced Collections Assist is set to revolutionize accounts receivable collections for managed service providers.
The B2B payments and checkout infrastructure firm’s new solution enables more efficient accounts receivable collections processes for MSPs by embedding collections support directly into the Alternative Payments platform. This will allow IT service companies to get paid faster, even if invoices are overdue and customers refuse to pay, according to a press release.
Collections success rate for delinquent receivables in the B2B environment typically is only 40%, so pairing Collections Assist with Alternative Payments’ receivables automation software can help MSPs boost cash flow and improve net working capital, the release said.
Baxter Lanius
This solution is a key one for MSPs, since they should not offer free services, Alternative Payments CEO and Founder Baxter Lanius told ChannelPro.
“If you are not getting paid, by definition, you are offering free services. Working with Alternative Payments provides a platform to help you get paid faster and smarter, but if there are clients who are not paying you, it is in your best interest to send them to collections so that you may collect.”
Integration, Customization of the Collections Process
Customers already using Alternative Payments will find it simple to deploy Collections Assist, as it is simply a new built-in feature, Lanius explained. The system already integrates with all leading PSAs – ConnectWise, Autotask, and HaloPSA – as well as leading accounting software, such as Quickbooks Online, Quickbooks Desktop, NetSuite, and Oracle, he said.
In addition, Alternative Payments provides a fully customizable collections process, Lanius emphasized. “We work with you to define a program that works best and helps you get paid faster. Whether you wish to send emails ahead of the due date, on the due date or after the due date, we can support you with everything and anything. Once certain customers are more than 30 days past due, you now have the ability to send them to collections very easily.”
Data Security and Privacy
In today’s world of growing fears regarding cyber attacks, Alternative Payments offers plenty of assurances to customers regarding its dedication to security customers’ data. The company is SOC2 compliant; meets PCI DSS; and it supports SSO and MFA, and soon will be launching SAML capabilities, Lanius said. “Data security and privacy are absolutely business-critical. Alternative Payments’ platform continues to invest in security to ensure all of our data is protected.”
Collections Assist Pricing Structure, Metrics, and More
Customers who choose to deploy Collections Assist will pay a 1% processing fee to Alternative Payments, and if the system successfully collects, then there will be a 20-25% success fee, depending on how overdue the invoice is, Lanius said. “We only get paid if you get paid.”
In addition, all invoices submitted to collections are tracked within a separate Alternative Payments dashboard. “Advanced tracking and reporting tools are in development and will be released in Q1 2024,” Lanius added.
ChannelPro Editorial Director Jonathan Browning contributed to this article.
Image: Alternative Payments
