Serving a Modern Route to Accelerate Your Payment Collection Efforts

Human beings have proven themselves to be good at a myriad of different things, but there is little we do better than growing on a consistent basis. This progressive tendency, on our part, has enabled us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience from all conceivable directions, but even after achieving such a monumental feat, technology will somehow continue to deliver the goods. The same has turned more and more evident in recent times, and assuming a new fintech-related development works out just like we envision, it should only propel that trend to far greater heights moving forward.

EleVia Software, a Minneapolis-based Newforma company and provider of financial and field software for professionals in the architecture, engineering, and construction (AEC) industry, has officially announced a new integration to simplify the core payment and collection procedure. Expected to be realized between the company’s EVPay and A/R Management & Collections modules, the stated integration will make a difference by dramatically bringing down your Days Sales Outstanding (DSO). But how will it achieve such a goal? Well, the feature will enable your customers to click on a “pay now” link, which is automatically attached with the past due invoices, to clear overdue invoices in seconds either through a credit card or an ACH transaction.

To understand the significant of this development, we must acknowledge the importance of aged receivables for a business. You see, as many treat these receivables like their biggest asset, the element’s unpaid status over an extended period can substantially bolster the risk of annual write-offs. Fortunately, EleVia’s solutions pick on that conundrum right from its scruff. For instance, launched in 2020, the company’s EVPay solution provides a secure payment processing avenue that can seamlessly automate all transactions, while also improving the firm’s overall cash flow. Apart from it, we have the EleVia’s A/R Management & Collections module, which was conceived to enhance the speed and quality of the user-defined escalation processes. This particular module further makes it possible for you to access a complete lowdown on the accounts receivable performance. In case these features aren’t enough to cut the deal, the service also brings Deltek Vantagepoint^® functionality into the fold. The stated functionality allows it to dispatch real-time notifications, trigger automatic reconciliation, as well as produce more effective AR strategies on the business’ end.

“This integration has been highly requested amongst our customer base and we are excited to introduce new functionality that makes our customers’ jobs easier,” said Kevin Murray, General Manager at EleVia Software. “Lack of automation in Accounts Receivables creates invoice payment delays and increases for risk of annual write-offs. With the integration of EleVia’s A/R Management and Collections and EVPay, the collection process is simplified for end customers increasing available cash and reducing carrying costs.”

Founded during the year 2016, EleVia Software’s rise comes from its ability to develop, deliver, and support solutions that enhance the value of critical financial and operational processes for architecture, engineering, and professional service firms. Now, what helps the company in realizing those ambitions is an extensive product line-up, which includes Electronic Invoicing, Payables Approval &Tracking, A/R Management & Collections, and Field Services Suite etc.