Collections Outsourcing

FEIC can reduce your DOD DSO by proactively monitoring, correcting and influencing the DOD payment process before payment dates slip past reasonable timeframes. Using our unique processes and tools FEIC can keep payment dates from being unnecessarily extended due to invoicing errors, rejections or simple lack of attention. In our outsourcing model FEIC only complements your existing collections department by focusing strictly on the DOD payment progress without changing how your A/R is received or transferred to your company.

Late Payment Auditing & Collections

In 1982 the United States Government introduced the Prompt Payment Act as a way to ensure that suppliers doing business with the federal government are paid by the government in a timely manner, (FARS Clause 52.232-25).

The act states that failure by the government to pay suppliers and contractors on time SHOULD result in late payment interest automatically added to proper invoice amounts paid to the contractor.

However according to a report by the United States Government Accountability Office* more than half of the contractors interviewed said they often did not receive interest on payments they considered to be late.

At Federal e-Invoicing Corporation we can quickly audit your past invoices paid by the DOD and determine if all Prompt Payment interest was in fact paid to your company.

Further, based on the rules associated with collecting "Additional" late payment interest FEIC can continuously monitor the interest paid to ensure that all "Additional" interest claims are made within the required time frame.

Based on initial audit results and continuous monitoring by Federal e-Invoicing Corporation your company can be assured it's receiving all of the late payment interest it's entitled.

For further information on how Federal e-Invoicing Corporation can assist you in determining if outstanding interest is owed to you please contact us via the link above.