You know you need to get your debtors to pay, but do you understand the true impact of slow payers? Without a realistic picture of the costs of slow payment, ineffective debt management practices may:

• Reduce your cashflow
• Create a snowball effect – if debtors think you’re relaxed about payment, you encourage them to be slow
• Build up an increasing number of debtors, leading you to let smaller debts slide
• Consume valuable time and resources following up slow payers

What you can do

• If credit reporting information shows a customer is a slow payer, you can put tighter terms in place
• Be straight up about discussing alternate invoicing patterns, payment options and terms
• Use online tools to manage receivables

Online tools can make debt management easier.

• SmartAR has a range of solutions, including:
  • online payment pages for your business to offer all your payment options in one place on a secure digital platform
  • accounts receivable automation and digital assistants (AI chat bots) for outbound debtor calls
  • or you can simply outsource your accounts receivable to them
• ARCollect allows you to stay on top of receivables without worrying about staff performance and customer behaviour. It’s made to:
  • Boost cashflow
  • Email smart payment reminders attaching invoices
  • Set your rules for automatic payment reminders
  • Track collection notes easily
  • Tag invoices with common reasons for late payment.
• With Innovative Online Debt Management (IODM), upload outstanding invoices. IODM automatically schedules reminder letters, debt collection letters workflow, with SMS and/or text messaging.

We can help with strategies for better cashflow. Just give us a call.