It is very crucial to identify your delinquent customers right away, but challenging at the same time. Their number of open accounts, total outstanding amount, poor credit score
and the reasons for late payment might give you a hint about the customer’s intentions.
Bank and trade references could be other indicators. For such customers it extremely important to take whatever means necessary to get them to pay. However, your actions should not damage your business relations if you still wish to do business with them in the future.
Please fill in the details below
Please fill in the details below
Recommendations
Invoice Scams: How to Detect and Prevent Invoice Fraud in Your Organization?
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.
