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Credit and Collections

Striata's Electronic Credit & Collections offering provides an efficient, cost effective alternative to traditional collection processes that dramatically reduces the time and expense involved in collecting delinquent payments.

Striata's innovative electronic credit and collections solution is designed to help billers reduce the significant costs associated with delinquent and past due accounts.

Delivered via email directly to customer inboxes, these electronic notices not only reach customers instantly, but actively encourage faster payment. With just a single click from within the collection notice, customers can pay their bills without the need to visit a single web page.

By replacing costly paper reminders with efficient electronic payment notices, you can make use of automated payment reminders as a viable way to prevent delinquent payments and their associated expenses.

The uniqueness of Striata's solution is in the strategic presentment of collection and reminder notices, delivered as secure electronic documents directly into the customer's inbox. Striata incorporates an instant, one-click payment facility from within the collection notice itself, providing a powerful, immediate payment opportunity.

Innovative delivery process facilitates fast electronic payment

While billing costs are an inevitable expense, collections pose a different kind of challenge for billers and financial institutions: debts that move into the collection cycle incur considerable additional expenses for the biller. These include printing and postage; higher financing fees due to longer days sales outstanding (DSO); outsourced collection agency fees; payment negotiation discounts and significant contact center resources. As a result, the biller only receives a small percentage of the original bill amount.

Striata's Electronic Credit & Collections offering provides an efficient, cost effective alternative to traditional collection processes that dramatically reduces the time and expense involved in collecting delinquent payments, resulting in substantial reductions in call center costs.

By replacing paper collection activity with rich, interactive electronic collection notices, you can now reach customers with past due bills before credit and collections expenses are incurred. Delivered via email directly to customer inboxes, these electronic notices not only reach customers instantly but actively encourage faster payment. With just a single click from within the collection notice, your customers can pay their bills, without the need to visit a single web page.
Striata's electronic billing solution for credit & collections:
  • Reduce costs: The high expenses associated with credit and collections are reduced by emailing bills for delinquent payments
  • Retain a larger portion of the original amount billed: By eliminating credit and collections costs associated with late payments, billers retain more of the original amount billed
  • Shortens the payment cycle: Payments are received significantly faster by enabling instant delivery of collection notices and immediate, one-click payment
  • Improves biller cash flow: In one example, a very large North American utility reduced the DSO cycle from an average of 45 days across their customer base to 9.3 days for customers paying through Striata's EBPP solution.

Striata has partnered with the leading payment processors in North America and can also rapidly configure the application to work with any existing payment processing system.

Prevent credit and collections with electronic payment reminders and past due notices

Paper billing does not provide billers with an effective means to minimize delinquent payments: sending payment reminders by mail adds to already expensive printing and postage costs. Moreover, the long delivery cycle makes it an impractical option. By the time the customer gets the reminder, the bill may have either been paid, or it is out of date, and will exclude current late charges.

By replacing costly paper reminders with efficient electronic payment notices, you can make use of automated payment reminders as a viable way to prevent delinquent payments and their associated expenses.
Striata's electronic billing solution for credit & collections:
  • Provides a more efficient, immediate way to reach delinquent customers. The majority of consumers now have remote access to email via public computers and mobile devices, allowing them to view secure, emailed collection notices when they don't have access to their postal mail;
  • Reduces the number of customers falling into the credit and collections cycle, by sending automated reminders;
  • Sends additional reminders via mobile phone text messaging. (SMS).

Designed to encourage faster payments, improve biller cash flow, and reduce the expenses associated with delinquent payments, Striata's Electronic Credit & Collections solution offers a range of strategies and technologies to help clients succeed with electronic billing and paper turn off.