The
installment canceled trigger
in sales finance enables businesses to automate key processes when an installment payment plan for a specific product is cancelled. This feature helps you manage cancellations efficiently by automating communication, record updates and follow-up actions, ensuring a seamless experience for both business and customer.### How it works:
- Select Product: First, select the specific product where the installment plan has been cancelled. This ensures that automation is triggered only for relevant products and payment plans.
- Define Workflow: Once an installment is cancelled, an automated workflow begins. The main actions in this workflow may include:
-
Send Cancellation Notification
: Automatically send an email to the customer informing them that their installment plan has been cancelled. This may include details such as balance due, cancellation conditions and next steps.-
Update Payment Records
: Automatically update customer payment and installment records in your system to reflect cancellations. This ensures that your financial records are always accurate.-
Re-engagement campaigns
: Set up automated re-engagement campaigns offering solutions, such as extending payment periods or restructuring installment plans to prevent further cancellations.### Advantages of Automation Workflow:
- Efficiency: Minimizes the manual work involved in the installment cancellation process, ensuring that all necessary actions are completed automatically.
- Accurate Records: Keeps your financial and CRM systems updated in real time, avoiding errors and maintaining data integrity.
- Timely Communication: Ensures that the customer is informed promptly, preventing confusion and improving the overall experience.
- Customer Retention: Automation allows you to proactively engage with customers who cancel their installments, potentially offering solutions to retain them and avoid complete account closure.
By choosing the right product and automating the installment cancellation process, you can streamline operations, reduce errors, and increase customer satisfaction while staying on top of financial records.