To manage credit best and ensure sustainable cash flow, start by measuring what matters. No cash flow – no business.
Stay in regular contact with your customer base. Understand their needs, expectations, queries and reasons for non-payment. Remember, people change their contact details frequently – so stay abreast of your customers’ contact details.
Provide your customers with the convenience of payment methods of their choice: credit/debit card, debit order, instant EFT, etc.
When outsourcing to a specialist debt collector, you gain the infrastructure, manpower, knowledge and focus to begin collections immediately. Should you manage it yourself, time, money and effort are often wasted on corporate politics between Sales and Finance.
The advantages of any external debt collector are:
- A Debt Collector will have a variety of Collection methods available:
- A Collection Call Centre;
- A Digital Collections platform linked to a rewards system #ecolls;
- Customised Collection; and
- A Legal Team with knowledge pertaining to collection regulations. #POPI Act.
Collections and Debt recovery is their core competency. By employing a specialist Debt Collection company you are optimising your company resources to focus on core business and retaining relationships even with defaulters.
Singular focus is the key to success. NuDebt focuses on collecting your debt, while you are able to focus on delivering to your clients.