Respaid is an AI-driven web application designed to help businesses efficiently and respectfully collect small outstanding debts. Here’s a comprehensive overview of what the product does and its key features:
What Respaid Does
Respaid is tailored for businesses, particularly in the B2B sector, to manage and recover unpaid invoices, account receivables, chargebacks, and bills, even as low as $5. The platform aims to resolve debts ranging from $5 to $5,000, with a goal of recovering 50% of outstanding debts within just 20 days.
Key Features and Functionality
AI-Powered Precision Messaging
Respaid uses AI to optimize collection efforts through intelligent timing and channel selection. It learns from interactions such as location, device, engagement, and other telemetry to adapt and choose the best next step in the collection process.
Direct and Modern Payments
Unlike traditional debt collection agencies, Respaid allows debtors to pay directly to the business, ensuring that companies retain control over the collection process. This approach increases trust and authority by eliminating the need for debtors to pay the agency first.
Simplified Onboarding
The onboarding process is streamlined, requiring only a simple Excel or CSV file upload or integration via tools like Zapier. This zero-fuss onboarding allows businesses to start collections quickly without involving their IT teams.
Invoicing and Recovery Tools
Respaid offers tools to create and send customized invoices, manage payment delays, and start a recovery process with minimal steps. Businesses can generate personalized payment links that include their company’s logo and website, making the payment process convenient for customers.
Real-Time Updates and Transparency
The platform provides real-time updates on the progress of payments and recoveries. Businesses receive email notifications detailing the recovery amounts, payment methods, and terms. For payments made through Respaid, funds are automatically deposited into the designated account, and for direct payments to the creditor, proof of bank deduction is provided.
Database Cleaning and Contact Management
Respaid ensures high deliverability by cleaning existing data and leveraging AI and proprietary sources to find new or changed contact information. This feature helps in maintaining accurate and up-to-date contact details.
Insights into Non-Payment Reasons
The platform summarizes and categorizes reasons for non-payment, allowing businesses to not only recover debts but also gain insights to improve their products and services.
User-Friendly Dashboard
The Respaid dashboard offers a detailed view of recent activities, real-time progress status of payments, and tools to enhance productivity. It includes sections for payouts, settings, assistance, and administration, making it easy for businesses to manage their accounts and users.
Respectful Collections
Respaid prioritizes respectful and firm messaging to treat debtors as humans, which helps in achieving higher collection rates while protecting the business’s brand reputation.
Overall, Respaid provides a modern, efficient, and respectful solution for businesses to manage their collections, recover unpaid invoices, and improve their overall financial health.