![]() In many businesses, the collections process has been a reactive activity the collections process doesn’t start until invoices come due. If the probability of payment on time is less than 50%, the invoices are tagged with a red circle to indicate that these invoices may require collections attention.Ĭustomer Payment Insights (Preview) also provides contextual information to explain the prediction, such as the top factors that influenced the predictions, the current state of business with the customer, and details about the historical customer payment behavior. Probability of payment being made very lateĬustomer payment insights (Preview) also provides an aggregated view of expected payments, which can help organizations understand the total payment amount they can expect from a customer in one of the three buckets, On time, Late and Very late.Īlso, each invoice is assigned a probability of payment on time.Probability of payment being made on time.Using a machine learning model, which leverages historical invoices, payments and customer data, Customer payment insights (Preview) more accurately predicts when a customer will pay an outstanding invoice.įor each open invoice, Customer payment insights (Preview) can predict three payment probabilities: Payment predictions will enable organizations to improve their business processes by helping them easily identify the invoices that are likely to be paid late, and to take appropriate measures that improve their chances of getting paid on time. This information can help organizations create collections strategies that improve the probability of being paid on time. Customer payment insights (Preview) helps organizations predict when a customer invoice will be paid. This lack of insight leads to less accurate cash flow forecasts, collections processes that start too late, and orders that are released to customers who may default on their payment. It can be hard to predict when customers will pay their invoices. ![]() The feature can help you identify circumstances that justify initiating collection processes earlier than you might have done otherwise. This article describes the payment insights capability that helps improve understanding of individual customers' typical payment practices. For more information about preview releases, see Service update availability. The content and the functionality are subject to change. Some or all of the functionality noted in this article is available as part of a preview release.
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