Definition
A digital collections platform helps banks, NBFCs, and businesses automate recovery of dues from customers using multiple payment modes, reminders, and reconciliation tools. It streamlines collections while improving customer engagement.
How this works
The platform integrates with customer accounts and payment channels (UPI, cards, wallets, bank transfers). Automated reminders, notifications, and payment links are sent to customers. Once payments are received, the platform reconciles transactions and updates records for reporting.
Benefits
• Faster and more efficient collections
• Automated reminders reduce manual effort
• Multiple payment options for convenience
• Accurate reconciliation and reporting
• Reduced defaults and improved cash flow
FAQs
Q1. Can digital collections platforms support multiple payment methods?
Yes. They typically support cards, UPI, wallets, and bank transfers.
Q2. How does automation improve collections?
Automated reminders, follow-ups, and notifications reduce manual work and increase payment compliance.
Q3. Is reconciliation handled automatically?
Yes. Payments are automatically matched with invoices and records for accurate reporting and audits.
Q4. Can these platforms integrate with CRMs?
Yes. They can be integrated with enterprise CRMs and ERP systems for workflow and reporting automation.