Automating overdue invoice collection

July 02, 2024

by an intermediary from California Institute of Technology in San Francisco, CA, USA

Hey Searchfunders,

Some of you have acquired businesses that send out lots of invoices -- these are typically businesses with lots of individual or SMB customers such as distributors, clinics, and general contractors. Inevitably this leads to many unpaid invoices as customers forget to pay on time on accident or on purpose. Currently there are only two solutions to this problem:

1. Handle collections in-house. You can set aside some of your own time to track and chase down overdue invoices. However this eats into your time for more important tasks such as acquiring new customers.
2. Outsource it to a collections agency. This is not a feasible option if you have many small invoices, because these agencies usually have a minimum amount to collect. Even if they do agree to collect for you, they can do damage to your reputation with customers.

We've built a better solution to this problem: an AI agent that collects your invoices with best practices built in. Our solution applies the necessary pressure and follow-ups to collect invoices, but with a polite and respectful touch that collection agencies lack.

If this sounds relevant for you, comment "Interested" on this post and I'll reach out.

Reply by a searcher
from Vanderbilt University in Orlando, FL, USA

Every company has specific accounting systems that often have this functionality, whether it be Bill.com, Quickbooks, etc. Often if you use a third party payment processor, like Paylynx, you can set up text reminders as well as part of an automated process. The key with collection is to set up systems that have built in multiple ways to contact the customer (phone, email, text)

Reply by a searcher
from University of Stellenbosch in London, UK

Pretty sure Xero, Quickbooks have pretty good invoicing solutions for in house management.

+4 more replies.

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