Within a month of rolling out a tool designed to automatically verify lienholder changes, MBSi introduced another solution aimed at improving processes associated with vehicle repossessions.

MBSi highlighted that this new tool — Smart Invoicing — was designed in collaboration with repossession agencies to solve structural industry invoicing challenges.

The company indicated Smart Invoicing can automate, consolidate and simplify fee processes to enable agencies to be compensated accurately and quickly through MBSi’s RecoveryConnect platform.

MBSi acknowledged repossession agencies have universally commented on the difficulty in capturing billable fees as one of their most challenging issues, regardless of their size or caseload.

“From talking with agencies, we know complex fee structures, lack of staffing resources to effectively manage invoicing tasks, and missed fees due to high case volumes all contribute to the persistent and often labor-intensive challenge of managing invoicing and accurately tracking fees,” MBSi senior vice president of product and marketing Heather Ford said in a news release. “It usually adds up to significant lost revenue for agencies — in some cases, up to more than $400,000 a year.”

MBSi’s Smart Invoicing has been designed to improve speed and efficiency, reduce errors, and drive significantly improved transparency.

The company pointed out that agents can manage fees by creating contracts within RecoveryConnect for each client that reflect all fees and schedules. When a case is complete, Smart Invoicing automatically can generate an invoice based on case events, which can be exported and sent directly to clients.

MBSi went on to mention that the tool can accommodate agencies of all sizes and can easily scale as a business grows to handle more clients, more complex contracts, and more invoicing data without added complexity.

“With stakeholders demanding transparency and accuracy in today’s competitive market, we are focused on developing advanced technologies and tools to help our clients build trust, maintain compliance, and reduce costs,” MBSi president Ray Peloso said.

“We are excited to continually invest heavily in research and development, remaining product-driven and customer-focused, while offering the most stable, scalable, and compliant solutions on the market,” Peloso added.