Accounts-receivable provider Gaviti has launched a platform that automates payments collection for large and medium-sized businesses, monitoring cash flow and enhancing customer communication.
Israel-based Gaviti's software-as-a-service platform eliminates manual collection of outstanding invoices for A/R departments, and also predicts when a customer is likely to pay, based on past payment habits.
The new platform streamlines the workflow for accounts receivable, facilitates communications with customers, reduces reserves and reduces the number of days in which a company waits to complete a sale by 30%, the company said.
“Collecting payments from outstanding invoices is a pain point that any enterprise faces today — no matter the company size,” Yan Lazarev, founder and CEO of Gaviti, said in a Wednesday press release.
“Gaviti streamlines the entire collections process from AI-based insights predicting when customers will make a payment to providing the collections platform to facilitate payment for invoices," Lazarev said.
The platform enables customers to continue to use the same financial system they used before to make payments. Payments come to Gaviti through an integration with payment gateways.
"We sync with the gateway to get confirmation that an invoice was paid in order to correctly reflect which invoices need to be chased, and which are already settled," said Nissim Ohayon, head of sales at Gaviti.
The entire payment process — from creating the invoice until payment — takes place in the Gaviti automated A/R collections platform.
Additionally, the platform provides enterprises with an app dashboard that delivers real-time metrics, email reminders, customer payment forecasting, and future cash flow predictions.
The Gaviti platform uses artificial intelligence and smart algorithms to create a prediction model of invoice payment based on past customer behaviors.
"Payment forecasting takes into consideration a wide array of data inputs," Ohayon said. "We look at the payment history of companies that have open invoices, the engagement level relating to open invoices, the risk factor of the companies that are in A/R, and more."
Gaviti encourages on-time payments by including a payment link in the body of electronic reminder notices, as well as providing information for accounts payable departments to easily see what is needed to close their payment due, while allowing ACH or credit card payments.
The platform also keeps the A/R department engaged in the collection process and messages being sent if an overdue payment escalates.
"Knowing that the escalations are also part of the automation means that messaging is personalized and specific for each stage of the collections cycle," Ohayon said. "The result is A/R remains highly engaged with their accounts payable counterparts. Higher engagement translates therefore into higher likelihood of getting your invoices paid sooner."
