The "dunning process" refers to the process of sending payment reminders to customers who have not paid their invoices on time. The goal of the dunning process is to remind customers of outstanding payments, minimize payment delays, and expedite cash inflow for the company. The dunning process typically involves multiple stages of payment reminders, starting with friendly reminders and escalating to stricter notices if payment is not made.
Typical functions of software in the "dunning process" area may include:
Automatic generation of payment reminders: Automatic generation and sending of payment reminders based on predefined criteria such as payment deadlines or grace periods.
Multi-stage dunning process: Support for multi-stage dunning processes with different escalation levels to adapt the dunning process according to the customer's payment behavior.
Customization of dunning letters: Ability to customize dunning letters and tailor them to the specific situation of the customer.
Management of payment receipts: Tracking of payment receipts and automatic updating of the dunning process based on received payments.
