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Equipment Finance - After-sale Collections

Automated steps for unpaid accounts

After-sale Collections

Unfortunately, all lenders and lessors inevitably deal with unpaid accounts, collections and asset repossession. Our equipment financing solution identifies late payments on individual contracts and unpaid accounts outside of your grace period. Communication is triggered automatically from the solution to the borrower, providing an email or print mail reminder to submit a payment.

The workflow initiates escalation steps taken if the account is not brought up to date. The accounting impact of the unpaid contract or account is reflected in your ledger to ensure you maintain accurate profit and loss estimates. Third-party repossession services or legal proceedings are triggered and tracked from the solution if the account or contract remains delinquent. A record of the attempts made to receive payment is maintained, ensuring you have made a prudent effort with the customer. The solution will ultimately terminate the contract and report the loss for accounting purposes.

The collections workflows are automated with your policies and preferences determining the triggers, timing, messaging and escalation actions.

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