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Collections and Recovery
Collections and Recovery in Salesforce helps financial institutions and corporations streamline their collection processes, reduce delinquencies, and maintain positive customer relationships. The collections process is a critical aspect of financial management and operations for businesses, lenders, and financial institutions.
Required Editions
| Available in: Lightning Experience |
| Available in: View product and edition availability. |
Collections and recovery refers to the process of pursuing customers to pay the money they owe to a business or financial institution. The various collection activities include sending reminders to customers, creating promises to pay, and encouraging customers to pay the money they owe as promised. This process also includes engaging with recovery agencies to reclaim money from delinquent accounts that have defaulted on payments.
Basic Setup
To use Collections and Recovery features, complete the basic setup and import your Collections data into Salesforce.
| Action | Where to Learn More |
|---|---|
| Get to know the Collections data model and learn about key concepts | |
| Set up Collections and Recovery in your org |
|
| Import Collections data from CSV files into Collection Plan and related objects | Import Collection Data From CSV Files |
| Create collection plans, collection plan items, contacts, and other related object records in one go, through a single Composite Graph API request | Composite Graph |
Explore Collections and Recovery Features
Discover the Collections and Recovery features designed to streamline your debt recovery process. Help collection specialists to work more efficiently, which leads to faster payments and improved cash flow.
The Collections and Recovery solution provides a comprehensive set of features designed to transform your debt collections from a reactive process into a proactive, efficient system. These features enable you to identify risk before it escalates, automate outreach at scale, optimize the entire collections workflow for maximum recovery, and leverage AI assistance for collections specialists to ensure a seamless and compliant process.
01: Proactively Predict Collections Risks
| I want to... | Features |
|---|---|
| Identify high-risk financial accounts such as loans or credit cards to maximize collection efficiency and recovery impact. | Set Up Tableau Next App to Predict Risk Scores for Collections |
02: Segment Using Business Rules and Automate Outreach at Scale
| I want to... | Features |
|---|---|
| Create tailored collection strategies, mitigate credit risk, and prioritize collection efforts according to different collection segments. | Set Up Business Rules Engine Components to Determine Collection Plan Segments |
| Create prioritized lists of collection plans. Prioritize high-value recovery efforts and improve recovery rates with these actionable lists. | Set Up Actionable Segmentation for Collections |
| Run targeted campaigns across multiple channels, such as email and SMS, to enhance the chances of successful collection outcomes and maintain positive relationships. | Requires Data Cloud and Marketing Cloud |
| Track the performance of the collection campaigns in real time and make data-driven adjustments to optimize collection campaign results. | Requires Data Cloud and Marketing Cloud |
03: Accelerate Debt Recovery and Risk Mitigation
| Automate Collection Processes | |
|---|---|
| I want to... | Features |
| Create a case for a collection plan when a collection plan record is created with a valid reason. Close the collection plan and all its cases when it meets certain predefined conditions. | Set Up Case Management for Collections |
| Update the payment received details in the corresponding collection plan or payment schedule item. | Configure Automatic Payments Received Updates |
| Notify customers of payment status automatically, and reduce customer inquiries. | Configure Automatic Payment Status Notifications Requires Data Cloud and Marketing Cloud |
| Quickly create important notices, such as an overdue account notice or a debt recovery - final notice by using predefined Docgen templates. | Set Up Document Generation Templates for Collections Communication |
| Capture collections-related interaction with a borrower after discussing a disputed collection amount that requires further investigation. | Setup and Configuration for Capturing Customer Interaction Outcomes |
03: Accelerate Debt Recovery and Risk Mitigation
| Comprehensive Financial Insights | |
|---|---|
| I want to... | Features |
| Strategically plan collection activities across multiple ongoing Collections for an account by reviewing important collections metrics, such as the total initial due amount, the current total due, the total payments received, and the average days past due on an account record page. | Set Up Collections Summary for Account |
| View related financial accounts, collection plans, and collection plan items all at once on the financial account record details page. | Customize Lightning Pages to View Collection Plans and Related Records in a Hierarchical View |
03: Accelerate Debt Recovery and Risk Mitigation
| Minimize Credit Risks and Ensure Legal Compliance | |
|---|---|
| I want to... | Features |
| Reduce the risk of bad debt by setting a maximum limit for the number of promises to pay. | Configure Maximum Promise to Pay Count |
| Quickly create customized payment plans for customers based on their financial account type and current financial hardship situation. | Set Up Payment Plans to Manage Financial Hardships |
| Increase the likelihood of full recovery and maintain strong customer relationships with structured repayment options. | Set Up Payment Plans to Manage Financial Hardships |
| Ensure legal compliance and improve contact success rates by configuring and using real-time call compliance rules. | Setup and Configuration for Call Compliance Checks |
04: Coordinate Seamlessly with Recovery Agencies
| I want to... | Features |
|---|---|
| Eliminate spreadsheets and emails by streamlining the coordination between lending institutions and third-party recovery agencies by using a dedicated digital portal for collections and recovery activities. | Manage Your Collection Activities from the Collections and Recovery Experience Cloud Site |
05: Agentforce for Collections and Recovery
| I want to... | Features |
|---|---|
| Increase collections teams' productivity and accuracy by using a personal AI agent to efficiently manage collection call workflows, create promise-to-pay agreements, and document outcomes. | Collections and Recovery Assistance for Employees |
| I want to enhance customer engagement by enabling customers to find collection plan details, create promise-to-pay agreements, and manage legal representative information with ease. | Collections and Recovery Assistance for Customers |
