How Lenders Can Automate and Simplify Fees and Invoicing with Smart Invoicing

Whether you’re a large financial institution or a small community bank or credit union, most lenders have one thing in common: the pain point of invoicing and fee management with repossession vendors. Manual reviews, approvals or declines of fee requests and invoices across a portfolio can add up to thousands of transactions. Employees managing these tasks must review each item against contracts and service level agreements (SLAs) before approving or denying payments – meaning hundreds of hours and ample opportunity for errors.

With Smart Invoicing, you can set payment criteria based on contract rules and SLAs. When an invoice or fee meets the conditions, the system automatically approves and pays it. When it doesn’t, Smart Invoicing sends it directly to you to review and resolve. This brings speed, efficiency and increased accuracy to your payment process. It also frees up your team for more meaningful, revenue-generating work.

Integrating Smart Invoicing into our current process has been a game changer for us. What used to be a time-consuming, manual task has now become a seamless and automated part of our workflow. The efficiency and accuracy it brings have significantly reduced errors and saved us hours every week. Smart Invoicing has truly transformed how we manage our invoicing, and it's hard to picture life without it. - Large Automotive Financial Services Provider

Why Smart Invoicing?

• Efficient invoice and fee processing: Use pre-set limits, criteria and parameters to increase workflow efficiency. Reduce hours spent on transactions and eliminate payment processing delays.
• Improved accuracy, fewer errors and consistent enforcement of contract rules: Pre-determined criteria based on contract terms ensure improved payment accuracy and consistency. Adjust criteria when terms or rates change to eliminate confusion and reduce errors.
• Highly configurable approval settings: Flexible settings fit your requirements and can be quickly and easily updated based on your volume size and changing needs. Set ranges and limits for how much will auto-approve to build in extra peace of mind.
• Increased transparency and compliance: Gain visibility into decision-making and every step of the approval process. Consistently apply fees and prevent inappropriate charges. Discover invoice trends and seamlessly track invoice history.

Smart Invoicing is another step forward in automating daily processes to help you work more efficiently and focus your people resources on serving your clients and growing your business.

Ready to build automation and efficiency into your invoicing process?

We developed Smart Invoicing based on input from lenders, ensuring functionality and configuration options can meet the specific needs of lenders of various types, sizes and portfolio volumes. To discuss how it can work for you, schedule a demo by filling out the form here or emailing us at sales@mbsicorp.com.