Alternative Payments launches Collections Assist

The product was designed to optimise the accounts receivable collections process for services companies operating in the United States. According to the official press release, Alternative Payments is the first payments company to embed collections support within its product. The company aims to expedite payments for services companies, even in cases where invoices are overdue and customers are unresponsive.

Some of the main features of Collections Assist include: 

• Automated Activation: invoices not settled within 30 days automatically activate within Collections Assist, allowing businesses to efficiently organise, assess, and forward overdue invoices for collections. 
• Efficient Collections Management: Businesses can seamlessly initiate the collections process for overdue invoices in just two clicks, streamlining manual processes and expediting the transfer of invoices to collections, thereby saving time and operational efforts. 
• Immediate Collection Support: Collections Assist facilitates expedited collections by employing various techniques that might be resource-intensive for businesses to manage independently. 

The official press release further reveals that, traditionally, the success rate for collecting delinquent receivables stands at approximately 40%. This means businesses typically recover USD 0.40 for every delinquent dollar. By integrating Collections Assist with Alternative Payments' receivables automation software, users can anticipate an improvement in collection outcomes.  

Moreover, the synergy of Alternative Payments' offerings with Collections Assist is expected to improve cash flow as well as net working capital for both outstanding and overdue receivables.

More information about Alternative Payments

Alternative Payments is a B2B payments and checkout infrastructure company that offers an end-to-end payment platform. This platform provides immediate access to merchant services, including credit cards, ACH bank transfers, and client-facing financing (B2B Buy Now, Pay Later) for US services companies. The software seamlessly integrates with a company's ERP and/or accounting software, facilitating instantaneous reconciliation. 

In November 2023, Alternative Payments published a blog post that talked about major payment providers and their initiatives to adjust their pricing structures. 

As businesses increasingly rely on digital payments, understanding the reasons behind these changes is crucial. The company found that some of the main factors driving price adjustments include infrastructure upgrades and innovation, as well as fluctuating operational costs. Specifically, payment companies invest heavily in upgrading infrastructure for improved security, faster transactions, and expanded functionality. In essence, the costs associated with technological advancements drive pricing adjustments. 

Moreover, payment companies invest heavily in upgrading infrastructure for improved security, faster transactions, and expanded functionality. Costs associated with technological advancements drive pricing adjustments. Fluctuating operational costs, influenced by regulatory compliance and data security measures, can also lead to necessary pricing adjustments. 

When it comes to compliance and regulatory changes, meeting evolving regulatory standards demands significant investments in technology, personnel, and legal expertise, prompting pricing adjustments. Other factors include economic conditions, including inflation and currency fluctuations, impact operating costs, prompting payment service providers to recalibrate pricing for financial sustainability.