RecVue Asset Billing and Payments

Billing Data Down to the Details You Need

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•gran·u·lar (adj.)

highly detailed, having many small and distinct parts

You’re going to read that word quite a bit because asset billing is all about the details.

A wide array of businesses today maintaining sizable, pricey and often remote assets are diving deeper into technology for finance operations due to expanding contractual dimensions and the increased complexity in billing and global supply chains. The domain of asset-dense organizations facing this challenge goes far beyond construction and car rental agencies to include everything from agriculture, medical equipment, hardware/software, people staffing, entertainment, storage, security and Internet-of-Things-enabled (IoT) devices.

These businesses are transitioning from unsophisticated legacy processes to more detailed and analytical tools not only to handle today’s complex demands, but improve the customer experience as well as the performance and retention of their assets. In doing so, however, they face the realization a single solution can’t do everything.

  • Your ERP may have an asset management module, but each asset needs billing rules and terms applied to get to that end result
  • Any of those assets may require flexible pricing considerations
  • Your ERP is not capable of handling recurring billing tied to an asset
  • Asset billing requires detail at a, you guessed it, granular level

Modern Challenges

Given this challenge, more businesses are realizing specialized asset billing has become a necessity to manage their significant investments in capital assets effectively with an eye toward profitability.

Here’s a typical asset billing scenario: Your customer places an order for X number of pieces of equipment to be dropped off at Y location and they lease those assets for Z years, all billed based on a granular level of data. Why is this important?

Depending on the industry, the nature of your asset may have different criteria and all may be billed at different price points. By having that extra bit of detail calculated, being as specific as possible, you can maximize the value of the asset and bill what it is properly worth rather than leaving money on the table.

The Benefits of Deep Asset Knowledge

Additional advantages of tracking your assets and billing at a granular level include:

Efficiently determine the most profitable of your asset pool based on knowledge of revenue data per asset

Clearly track the effectiveness of different promotions run within your asset pool

Effectively analyze your company’s purchasing decisions given your knowledge of asset performance

RecVue’s Exclusive Benefits

Melding a powerful billing engine with built-in asset billing and payments functionality from RecVue, you can more simply maximize the value of your invested resource stockpile and mine for new revenue opportunities.

  • Bill at the equipment serial number level of detail for any asset leased or rented to your customers on a recurring basis
  • Receive valuable visibility into your future billing schedules, whether a month, quarter or beyond
  • Cater to a wide variety of industry-specific assets for billing purposes with ease
  • Integrate asset data details with any ERP and import orders via API from any outside system
  • Handle payment processing through payment contracts via asset serial number for use of vendor services and external locations to store assets
  • Enable granular visibility into asset booking, movement and fulfillment reporting
  • Incorporate necessary calculations and adjustment schedules for activities with a billing impact, including repair, cancellation, termination and loss

Deepen the understanding of your company’s critically invested resources while exploring potential new business opportunities and pricing capabilities for your customers through RecVue’s asset billing and payments engine.

Designed not only with granular billing details in mind, but a nimbleness to incorporate customerdefined usage, delivery, advance pricing and recurring billing frequency, RecVue is ready to support your rapidly scaling business – and the billing complexity you haven’t even thought of yet.

Customer
Proof Point

The company behind one of the world’s largest electronic payments engines, ACI Worldwide, processes an eye-popping $14 trillion in daily payments and securities, and 250 million monthly transactions.

In doing so, the company requires complex billing scenarios, frequently modified contracts and the processing of high volumes of usage data. In other words, the new-world challenges landing on the doorstep of almost every global enterprise today.

By implementing RecVue’s order-to-cash platform, ACI was able to combine 5 separate billing systems across 4 acquired businesses. Consolidating 80+ distinct usage platforms, the company sends one feed into RecVue for a streamlined billing engine.

In the process, ACI saw a 73% reduction in manual processing by automating complex usage-based calculations and reduced reliance on spreadsheets for usage collection and billing verification. ACI also experienced an incredible improvement in efficiency, as indicated by a 52% reduction in time-to-invoice.

Want to learn more about how RecVue’s Order-to-Cash solutions can automate your billing, revenue management and partner payments all on a single platform?