Billing & Collections

Both rental and non-rental receivables in LeaseWave can be set up at the asset or lease level. Unlike with other lease administration software, rental receivables are, as a rule, stored at the asset level. Owing to this level of data store, a customer’s assets can be grouped together in any combination for billing purposes. Two assets on the same schedule can be presented on separate invoices for the same rental period; alternatively, two assets on different schedules in the same location can be billed together. Non-rental receivables can also be grouped together in any desired combination.

Invoice group management

• Set up an unlimited number of invoice groups for each customer
  • Invoice groups contain the billing characteristics for invoices
• Associate invoice groups with each receivable for billing purposes
• Channel individual receivables to default invoice groups with override capability
• Use LeaseWave lease administration software to manage complex lessee billing structures / needs

User-defined invoice formats

• Create any number of invoice formats with minimal technical knowledge
• Cater to specific customer requirements and requests
• Use existing templates as a basis to create new formats
• Leverage LeaseWave’s web-based lease administration software capability:
  • Provide online access to lessees via a portal where invoices can be downloaded
  • Electronically email out invoices (as PDF attachments) to designated lessee billing contacts

Payment methods

• Post payments using checks, cash, ACH, or credit card
• LeaseWave has full NACHA™-compliant ACH integration
  • Generate ACH files for withdrawing money
  • Import returns files for any payments that did not go through
  • Automatically reinstate receivables for payments not processed
  • Assess NSF and other fees for bounced payments
• Generate MICR / OCR-A font coding on invoices for Lockbox payments
  • Import payment information from lockbox files
  • Post payments based on posting hierarchy driven by algorithms

Cash posting

• Use LeaseWave lease administration software to apply cash in various ways
• Payments can be posted manually, at various levels
  • Payments can be posted by invoice (covering multiple lease payments)
  • Post any number of partial payments towards each receivable
  • Post by customer, by lease, by asset
• Post payments by file (Excel, text etc.)
  • Enter payment and account information in pre-designated file format
  • Import file into lease administration software to automatically post payments
  • Use configured posting hierarchies/algorithms to distribute payments

Late fees

• Set up various kinds of late charges calculation methodologies
  • Flat amount for each late charge occurrence
  • EAR / APR percentage on outstanding amount
  • Flat percent on outstanding balance
  • Tier-based assessments based on days late
  • Floor and ceilings to control assessment amounts
• Use LeaseWave lease administration software to custom build late fee calculation methodologies
• Assign templates to receivable types to each customer
• Schedule automated updates to assess late charges periodically

Collections management

• Set up an unlimited number of collections groups per customer
• Define invoice groups to roll up to collection groups
• Associate each collection group with any number of collections contacts
• Configure leases to go automatically into collections
  • Algorithms such as 90 days past due can trigger assignment
  • Leases in collections can be assigned to collectors using algorithms
• View leases in collections via a comprehensive dashboard