The "Dunning Processing" refers to the process of managing and processing reminders sent to customers or business partners to collect outstanding payments or obligations. Typically, reminder processing involves several steps, including generating and sending reminders, tracking payment receipts, updating payment statuses, and escalating unpaid invoices when necessary.
Typical functions of software in the "Dunning Processing" area may include:
Automated Reminder Generation: Generating reminders based on defined rules and schedules.
Reminder Delivery: Automated delivery of reminders via email, post, or through an online portal.
Payment Receipt Tracking: Monitoring payment receipts and updating payment statuses in real-time.
Customer Self-Service: Providing an online portal where customers can view and pay their outstanding invoices.
Escalation Management: Automated escalation of unpaid invoices according to defined escalation levels.
Reporting and Analysis: Generating reports on outstanding payments, customer payment behavior, and the effectiveness of the reminder process.
Integration with Accounting Systems: Integration with accounting or ERP systems for seamless management of invoice data and payment statuses.