Recovering debts made easy
Creditsafe, the business intelligence experts, has announced that it has included two useful services for subscribers to its online platform: Debt Chaser and Debt Collection. It has developed the services in response to customer demand for additional services that can be used as part of the overall customer credit and debt management process.
Creditsafe Debt Chaser
Creditsafe Debt Chaser is an online overdue account recovery service designed to help with ongoing cash collection. Users simply search for the debtor in question through the Creditsafe system, enter the amount of debt owed, choose a letter template and instruct the system to send the chasing letters automatically. Letters can be sent on a weekly basis or as a one-off depending on the customer and the debt involved. The letters request that payment is made and become more urgent in tone as the process is repeated. Letters can be stopped easily within Debt Chaser once the debt is paid.
Creditsafe Debt Collection
Creditsafe Debt Collection is based on a series of partnerships that Creditsafe has established with a number of respected debt collection agencies. Users search for the company that owes them money in the Creditsafe system, enter the invoice details and are then shown details of debt collection service providers who can recover their debts on a no win, no fee basis.
Rachel Mainwaring, Operations Director of Creditsafe said: “At some point, every organisation will be in the situation of having to deal with a company that is being slow or refusing to pay. Whether it’s because they don’t have the funds, they disagree with your invoices or have another dispute, there are many reasons why they may not be paying you. Chasing businesses and sorting out disputes can be a time consuming distraction from day to day operations, which is why we have introduced these new services to help streamline the overall process. We anticipate that they will prove particularly popular and useful to time-pressed small business operators.”
Creditsafe suggests that organisations take the following actions before engaging in formal debt collection activities:
- Enforce strict payment deadlines: contact your customer as soon as a payment is late
- Keep talking to your customers: ask for an explanation for a late or missed payment and agree a payment plan going forward
- Open up your payment channels: allow customers to pay via a range of channels to make it as easy as possible
- Be persistent: if you are front of mind with a client you will be at the front of the queue when payments are being made
- Use debt chasing letters: you can start by sending automated letters of your own via Creditsafe’s Debt Chaser service before moving onto a more formal, legal approach
The Creditsafe Group is the world’s most used supplier of company business intelligence with 10 Creditsafe Group reports downloaded every second around the globe.
Privately owned and independently minded Creditsafe is looking to change the way business information is used by providing high quality data in an easy to use format that is accessible to all parts of an organisation, not just the finance function.
Launched in Norway in 1997, Creditsafe has offices in the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the USA employing over 1000 people and has more than 80,000 customers across the group.