Manage customer payments through authorized, scheduled, and automated reconciliation processes.
Direct payment collection can be achieved through methods such as automatic debit from a bank account, ACH, SEPA Direct Debit, virtual POS, registered payment method, or bank integration. A successful process involves not only sending payment instructions but also managing authorization, due date, result, rejection, and reconciliation together.
Minerva Direct Collection Management associates customer authorizations with payment schedules and outstanding receivables. Collection files or service calls are created; bank and payment provider responses are processed, and automatic or controlled offsetting can be applied to the relevant receivables.
Direct collection components
Customer authorization, mandate, and validity dates.
Bank account or tokenized payment method
Rules regarding due date, collection date, and payment order.
One-time or recurring payment instructions
Bank, payment institution and service provider integration
Successful, pending, rejected, and returned transactions.
Reason for rejection, retry, and customer notification.
Automatic offsetting and bank reconciliation
Authorization change, cancellation and audit trail
Protect sensitive payment data.
Card and bank data should not be unnecessarily stored within ERP systems; secure payment providers and tokenization should be used where appropriate. Authorization, access, separation of duties, and transaction logs are fundamental components of financial security.
Remove collection processes from manual bank files; transform them into a secure payment process with traceable authorization, outcome, and accounts receivable linkage.