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Managing bounced and refunded collections

Written by Alexander Kutilov on . Posted in Exact Globe

Collections submitted to banks may be rejected due to inaccurate debtor details, such as wrong bank account information, insufficient funds, or other reasons. Debtors themselves may retract the payment amounts which deducted from their bank accounts by the collection process.  Banks are obliged to fulfill such requests for refunds and creditors in turn, will not be able to refuse these requests.

Usually, due insufficient information, which banks provide for such transactions, the time spent managing these bounced and refunded collections can be tedious. The possibility of mistake grows in proportion with number of collections.

Exact Globe helps you to provide quicker notification of invoices linked to bounced or refunded collections in very friendly manner. Do not spend time for understanding and clarifying details of cash, which is eventually withdrawn from your bank account according to the bank statement. The solution helps you to match this cash with appropriate collection orders. Once the match is being found and confirmed, the solution automatically re-opens refunded invoices so you can collect them again. At the same time, it keeps the collection and payment data correct and consistent.

Please watch the video below to find out more about this solution.

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