Slow Payers Cost You Real Money

We know you would rather be out there growing your business, than be on the phone calling slow payers. But do you understand the impact slow payers have on your business? Ineffective debtor management can really hurt your business.

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.

- Smart AR 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 upload outstanding invoices. IODM automatically schedules reminder letters, debt collection letters workflow, with SMS and/or text messaging.

We can help you with strategies for better cashflow.