Smart Communication Optimizes Credit Management
A lot of companies can write a book about it: bad credit management can jeopardise the future of an organisation. In many cases, it hasn’t have to came that far when the right measures are taken. Everybody knows that a invoice needs to be paid, to keep an business healthy. Every company has to deal with credit management to make sure that this will happen. A lot of organisations hold a good customer service in regard, next to a valuable credit rating. How a company has chosen to lead their credit management differs, but they all have one thing in company: invoices need to be paid!
Credit Management in a Nutshell
Credit Management falls in line with the Financial Administration. When this department has their affairs in order, then credit risks are limited, the cashflow is maximised and the term of payment is shortened. It also has a positive effect on the spread of risk, costs and debts, workforce and the relationship with the client.
Optimisation Opportunities
There are a lot of opportunities and possibilities for credit management to reduce risks and stay out of the danger zone. Imagine using analysed data, automated processes and supporting tools. A couple of examples of possibilities that can be used to optimise your debtors’ ledger.
- Clients like to call whenever it suits them. A lot of companies are open from 9 till 5. This timeframe offers no alternative to people that have a busy job, or can’t work their finances during office hours. It is possible to be 24 hours, 7 days a week available through Eexycom 24x7 Inbound. Your relations will be held up quick and at every desired moment, with questions about for example, digital payment options, the current status of invoices, or a simple payment plan.
- It is important when invoices are sent, that these get paid (and preferably during the previously established term). Every company knows that unpaid invoices bring a lot of risk. You have to make sure to make it as easy as possible for a client to pay an invoice. Let clients pay through a secure link by e-mail, SMS or WhatsApp. The payment is in their trusted environment. An advantage of this system is that you in all times have a real-time insight in the payment data of your clients.
- A segmented communication with your clients. One client wants to be informed by e-mail, post or telephone, while another wants to be contacted by SMS or WhatsApp. When you communicate with a non-preferred communication channel, the chances are increased that your messaged will not be read, or will even not arrive. When using for example AI (artificial intelligence) it is possibly to automatize interactions with the client revolving payments. Through data it is clear which communication leads to the best result and can a customer journey be established.
The tips above will give you a handle on communication and payment services, which will optimise your Credit Management.
