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Customers Are Your Best Asset... When they pay on time.

And when they don't...? We can help!

Slow paying or delinquent customers cost you money... much more than you might think.

If your invoice remains unpaid at three times its trading terms, the chances are you're not going to receive payment at all.
If you do receive payment at this late stage, you've probably lost your profit margin.

How can you
stop customers taking advantage of your kindness?

Easy… what you need is our help to set up and maintain a well managed credit procedure and cash flow process.  Your bank manager will respect you, and just think of how much more productive time you’ll have when you no longer have to do the often onerous task of collecting money.

All too often businesses take high penalty bank overdrafts or sell their debt to factoring companies simply because they do not have the time or the necessary skills to collect the money themselves.

Such approaches to debt management always carry a higher cost than effectively managing your debtors ledger yourself.

How can you collect your money and maintain the precious goodwill of your customer?
 

Why not call us. 

We offer a ‘no-cost assessment’ of your debtors ledger’s state of health.

 

Credit Application Processing Pressure

Situation Credit searches protect the company from potential bad debt exposure and ensuing high recovery costs. To be successful, the search must verify the applicant's identity and credit worthiness.
Incomplete data on credit applications extends the submission-to-approval processing time.
Sales issued, collected and passed the form to Credit; then pressed for timely delivery against applicants' initial orders.
Average monthly new account submissions ran at 90 to 95. Of these, 15 to 18 required follow--up by Credit personnel before credit searches could be commenced.

Routinely, processing time could take up to a week; in some cases longer.

Task To obtain the willing involvement of sales personnel in correcting a situation that was unacceptable to both Credit and Sales

Action Sales representatives, being the first contact with applicants, were trained in skills to assist potential new customers in fully completing the document. They were also furnished with stock answers to the most frequently asked applicant questions.
Training sessions with sales personnel ensured they understood the necessity of 'getting it right the first time', and they were given a "How to Complete a Credit Application Pack"
They were presented with the statistical analysis on

  • lack of data on applications
  • delays in application turnaround time
  • delinquent accounts referred for litigation
  • number of accounts recovered
  • liquidations and bad debts
  • annual costs of managing the administration of this issue

Result The rate of incomplete data on new account submissions dropped from 3 to 5. Processing and set up time of new accounts now routinely took less than 24 hours.
Relations between Sales and Credit enjoyed a marked improvement.
The reduction on follow-up work on incomplete applications meant that reallocation of that time resulted in marked performance improvement in other key areas together with a boost in morale generally.

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