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hate phoning around to collect money. This reluctance
to chase debts restricts a businesses' liquidity and conditions
customers to become chronic slow payers. Indifferent receivables
management means bad debts write-offs, expensive court
actions or even liquidation of the company if the unrecoverable
debt is large enough..
Professional receivables management is a skilled and demanding
task. Timely collection is vital for business survival,
but valued customers can't be abused or alienated. Offering
the carrot of prompt payment discounts reduces profit.
Customers will pay late and take the discount regardless!
Many staff allocated to receivables work formal training
in debt recovery as well as being temperamentally unsuited
for the work. An approach along the lines "Our manager
says yer gotta pay by Friday" will not elicit customer
loyalty or prompt payment. In all but the largest companies
receivables management is not seen as a full time job
or a career path.
Even capable receivables administrators need support.
Access to commercial credit ratings and other credit databases
is essential. Legally correct credit applications and
binding terms and conditions of sale are a must. If Court
action is ultimately necessary to recover a debt, an effective
solicitor or debt collector must be found.
Minder provides a one-stop Accounts Receivable out sourcing
that covers everything. We devise a customised Credit
Application that asks financial questions pertinent to
your business. It usually contains provision for personal
guarantees. We formulate a detailed plan to reducing debtor
aging. Our experienced operators establish charismatic
relations with your customers, all the while subtly conditioning
them to pay on time. We teach your customers to use EFT.
We make personal visits to slow payers. Only as a last
resort do we seek and enforce court judgments.
Our operators sit in your own office and act as part of
your company. You will be pleasantly surprised how quickly
the aging of your receivables ledger is reduced. In one
recent case we reduced the average debtors aging from
seventy days to forty days in less than six weeks.
Outsourcing your accounts receivable management to Minder's
professionals makes sense. Our costs are modest. Call
Minder to discover how you can get paid much faster without
losing valuable customers. |
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