Late payments can take a heavy toll on a company’s cash flow. To support credit managers, collection managers and SME directors, high-performance collection software is essential.
To learn more, read our guide: Customer Follow-Up and Collection: Best Practices.
Among the key functionalities to be integrated, tracking interest and late payment penalties plays an essential role. Aston AI Cash Collection’s dedicated module makes it possible to structure this dimension, combining simplicity, automation and visibility.
Discover Aston Cash Collection, the automated debt collection software created by Aston AI that transforms your accounts receivable into a driver of growth.
Why use collection software to manage late payment penalties?
A collection software centralizes dunning processes and provides analysis tools to better manage customer risk. Aston AI’s Interest & Penalties module is a good example: it transforms overdue payments into measurable indicators, while increasing the “soft” pressure on your reminders.
Set up your rules independently
The module allows you to create customized interest and penalty statements, with the following parameters:
analysis start date
waiting time
interest rate
fixed amount per piece
application currency
The interface is integrated into the Aston Cash Collection software, accessible via the side menu. It can be easily filtered, sorted and modified by authorized profiles.
Discover all the other features of Aston Cash Collection
Targeted or mass application to suit your needs
Thanks to your collection softwareyou can :
Apply a card to a specific customer, from its identity card
Or assign it to several accounts at the same time, with currency control
A “Total I&P amount” indicator is visible on each customer file, for a clear view of the financial stakes involved.
Automatic calculation integrated into the dunning cycle
Interest and penalties are calculated automatically by the software on eligible invoices, according to precise rules. The formula used is as follows:
Interest = (Balance x (Days in arrears – Default) x Interest rate) / (100 x 365)
Users can also :
viewcalculation history
exclude certain parts manually or en masse
view amounts directly on each invoice
Direct integration into your reminders
The module works seamlessly with dunning notices generated in the collection software:
Templates can automatically include interest and penalty amounts
A dedicated statement can be attached to each reminder, depending on your settings.
The status of exclusions can be consulted in the action and part views.
What you gain with collection software like Aston AI Cash Collection
Setting up this module allows you to :
automate your relaunches to make them more reliable
make the cost of late payment visible to your customers
value each day of delay in financial terms
View the ACC platform exclusively for your teams:
Conclusion: collection software as a lever for financial performance
Aston AI Cash Collection’s Interest & Penalties module is a good illustration of the added value of a collection software collection software. It helps you to structure your processes, measure the impact of late payments and increase the effectiveness of your reminders.
To activate this module or find out more, log on to your Aston AI interface or contact your usual contact.
Ready to transform your collections management?
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