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We don’t, however, want to minimize the importance of the credit side of the equation. As discussed in a recent post , gathering customer information doesn’t stop with the creditapplication. You put your firm at risk by limiting credit assessments to only new customers, which is too often the case.
Best Practices for Handling Customers that Put a Low Priority on Paying Your Company Collectors face various challenges when dealing with past due balances, particularly when customers prioritize payments based on their financial situation, economic conditions, and internal processes. via direct external communication with the customer.
Cash Application: A New Era of Accuracy and Efficiency As Gaviti is a platform built by collectors for collectors, we understand the challenges that come with manual cash application processes – the potential for errors, time-consuming matching tasks, and the overall drain on resources.
During 1995, DSO was reduced by an additional 10 percent, and bad-debt write-offs cut in half. Here are the six other types of AR automation being implemented across the order-to-cash (O2C) spectrum: Online CreditApplications: The best solutions provide approval workflow and automated reference checking.
Here then are eleven mistakes that business debtcollectors should avoid: 1. Ignoring Customer Disputes When a customer disputes an invoice or has issues with the services your business provided, it’s up to the collector to investigate before making additional collection demands beyond asking for payment of non-disputed items.
The company ended up writing off millions of dollars in baddebt. In addition, baddebt and concession expenses decreased by several million dollars annually. So far so good, but this company had an Achilles heal. This software firm did not actively manage its AR. Cash flow from AR was well below reported revenue.
Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics.
Your creditapplication should include all this information. A recent credit bureau report is also helpful in this regard. Your Virtual Credit Manager now offers reasonably priced business credit reports through Accredit, a leading reseller of credit bureau reports.
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