Billing & Collections

As auto lease software, LeaseWave provides comprehensive billing and collections capability. Each on-road unit can be associated with a lease management contract and/or a fleet management contract. As a result, each vehicle can be billed for lease payments and any combination of fleet management-related services (such as maintenance, fuel, license management, violations management, accident management, road side assistance, etc.) on the same invoice. Through an invoice-group based structure, LeaseWave can accommodate any number of user-defined invoice formats and billing/payment methodologies - this gives LeaseWave an unprecedented level of flexibility over most standard auto leasing software. Each invoice generated by the system is stored in PDF format within the application database. This allows users to retrieve historical invoices at any time; collections teams can be certain that they are viewing the very copy of the invoice that a customer is referring to. LeaseWave®'s capabilities as leasing software extend beyond internal users: via its Customer / Driver portal capability, customers can look to download invoices from a designated website built exclusively for them or choose to receive invoices via email.

Payments received against invoices can be applied in several different ways. Users can choose to post cash manually with flexibility to post to individual charges / receivables, if they so desire. Alternatively, users can use the software's lock box or ACH/PAP capability. Monies received can also be logged in a pre-designated Microsoft Excel file format that can then be uploaded into the system. As comprehensive auto lease software, LeaseWave®'s receipt management capabilities are supplemented by full-fledged bank reconciliation and deposit management functionality.

Flexible invoice management through the use of invoice groups

  • An unlimited number of invoice groups can be set up for each customer
  • Invoice groups contain the billing characteristics for invoices
  • Each receivable-type for each customer can have its own unique user-defined invoice
  • Each receivable-type for each customer can have its own unique remittance template
  • Receivable-type defaults automatically channel individual receivables to invoice groups
  • Default invoice group selection for any receivable can be overridden by the user
  • Data warehousing capability to allow auto leasing companies to generate new invoice formats in-house

Set up user-defined invoice formats

  • Create any number of invoice formats with minimal technical knowledge
  • Cater to specific customer requirements and requests
  • Use templates that exist within the LeaseWave auto lease software as a basis to create new formats

Accommodate standard payment methods

  • Post payments using checks, cash, ACH, or credit card
  • LeaseWave has full NACHATM-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

Post payments with flexibility

  • 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 in file to automatically post payments
    • Integrate with third party systems related to auto leasing software
    • Use configured posting hierarchies/algorithms to distribute payments

Define templates that drive late-charge assessments

  • 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
    • Combinations of the above
  • Assign templates to receivable types to each customer
  • Schedule automated updates to assess late charges periodically

Sophisticated collections management

  • Set up an unlimited number of collections groups per customer
  • Assets under lease to a customer are associated with billing groups / locations
  • Invoice groups can be defined as a collection of billing/invoice groups
  • Each collection group can be associated with any number of collections contacts
  • Leases can be configured to automatically be assigned to collections
    • Algorithms such as 90 days past due can trigger assignment
    • Leases in collections can be assigned to collectors using algorithms