We've released a new feature, Smart Invoicing, that we are slowly rolling out to our customers. The biggest thing you will notice with this release is a new pop-up when you click on the invoices bubble from any screen asking which Invoice Approval Screen you want to use.
Legacy Invoice will take you to the invoice approval screen you are familiar with. No changes have been made to Legacy Invoicing. Read more about Smart Invoicing below.
What is Smart Invoicing?
Smart Invoicing systematically ties the client's contracted service fee to the case to simplify the invoicing creation and approval process. Client's can set the pre-negotiated rate for the case. This will appear as a "contract" on the case.
Note: Only cases with a contract are using Smart Invoicing. All other cases are using Legacy Invoicing.
We are working with lenders and forwarders to roll out these new features as part of the migration to RecoveryConnect which will take time. We will provide updates on which clients are utilizing Smart Invoicing as these are known.
RecoveryConnect is not setting fees for services rendered. These are all negotiated between the client and the service provider. Smart Invoicing is simplifying the invoicing creation and approval process based on negotiations that happen outside of RecoveryConnect between the client and the service provider.
Here are some added benefits to using Smart Invoicing for recovery agencies, forwarders and lenders.
Set service rates based on pre-negotiated fees for services rendered based on the service type, e.g. involuntary repossession
Set due dates based on Service Level Agreements
Quickly manage approvals for invoices and fee requests using pre-approved thresholds
Queue invoices to be submitted, reviewed and approved
