Launch Week II Day 2: Track overdue balance and prepare for dunning kick-off

We're excited to announce that as of last week, our overdue balance feature is available. This new tool is designed to optimize your revenue collection and streamline financial operations.

What's in it for you

This marks our first step into the world of dunning, providing essential tools to help our customers efficiently collect their outstanding invoices. Here’s why this feature is a game-changer:

Immediate insights

Quickly see how much each customer owes you and easily track how much is uncollected at the organizational level.

Financial efficiency

Automate and Simplify Processes: Say goodbye to the manual, cumbersome process of tracking overdue invoices. This feature automates and simplifies the entire process, saving you time and reducing errors.

Revenue collection

Maximize Small Invoice Payments: Especially beneficial for AI companies, this feature aggregates small, non-collectible invoices (e.g., below the 50 cents Stripe threshold) into an overdue balance, enabling you to request payment for amounts that might otherwise go unpaid.

‍

What's this Stripe threshold about? There is a minimum amount Stripe enforces when creating a charge. For instance, $0.50 in USD. Some Lago customers issue invoices that are below this amount, which cannot be collected if they use Stripe to process payments. These invoices accumulate and never get paid, basically. This is where the overdue balance comes in handy: by grouping these invoices that become overdue over time, it makes it possible to request payment at once for all of them.

‍

What It Does

Our overdue balance feature provides a comprehensive overview of outstanding invoices:

• Analytics Section: A new 'Overdue Invoices' section displays all invoices with pending or failed payments that are past their due date.
• Customer Section: The same data is available for individual customers, calculated from their account creation.
• Customer Portal: Customers can view their overdue balances on their portal.
• Overdue Warnings: When the overdue balance is positive, a warning is displayed to prompt action.

‍

What It Impacts

To introduce this new feature, we've made several enhancements:

• Overdue Flag: Payments past their due date are now flagged as overdue.
• Filter Rename: The "Pending/Failed" quick filter is now called "Outstanding".
• Customer Section Redesign: We’ve redesigned the customer section to display details on the left and the most important information on the right-hand side for better visibility.

‍

Next Steps: dunning processes automation

We are very excited about this feature. Why? We're just getting started on dunning. Here's what's coming next this month:

• Manual Payment Requests: Soon, you will be able to manually request payment for a customer's overdue balance.
• Set up payment retries: Define a cadence to automatically retry payments for individual invoices and overdue balance.
• Send email reminders: Schedule custom email reminders for overdue payments.

Collecting payments for your Lago invoices will be that easy. If you're interested in these topics, vote and share your context on Canny!

‍

Stay tuned as we continue to enhance our platform, making it easier for you to manage and collect overdue payments efficiently.