What is Credit Control
Credit control sounds
like a complex financial process but in reality is just a set of simple
steps taken to ensure you get paid on time. Every business no matter how
large or small needs to have a credit control process. Our specialty is
managing that process for you - we take the hassle out of chasing up payments.
What Is Credit Control?
Credit Control is the dialogue initiated with your customers and uses various means of communication: telephone, texts, email, letter, fax, and so on. It is generally a simple procedure that escalates as the time between invoicing and payment increase. Credit control is not debt collection. A debt collector is only interested in getting the money. A credit controller engages and communicates with customers; after all you really want their business so there is not point in spoiling a potentially good relationship.
How does Credit Control work?
Every company is different. The credit control process is tailored to suit
your business but essentially has the following steps:
1. The customer is invoiced with a payment deadline.
2. If the deadline passes and no payment has been made you pass the details
on to us and we contact the customer to arrange payment by a certain date.
3. If payment is promised but not made by the agreed date we chase up the
customer.
4. I payment is still not forthcoming a letter is sent detailing the actions
we intend to take to recover the money.
Most customers pay up at step 2. For those that are reluctant to part with
their money we have a variety of methods we can use after step 4.
The important thing to remember is that we do all the work for you. All
you need to do is send us details of the outstanding payment, and the customer’s
contact details.
Paying for Credit Control
We charge per event. That means a payment for each time we contact the customer. Even if there are a number of invoices, and no matter how the invoices are for, each contact only counts as a single event.
Control of the Credit Control!
You are in charge of the credit control process every step of the way. Because we inform you of each contact with the customer you can stop the process or escalate at any time. In fact if you want us to change the method of contact at any time we will oblige.
The documents we send to the customer will, like the overall process, be tailored to your company. The words we use are pretty much standard but the format, styles, greeting and so on will be unique to you.
In summary
All you have to do is tell us of the outstanding payments and we do the rest. You only pay us each time we contact the customer on your behalf and you decide how and when to stop the credit control process.
For more information about how we can help you call Geoff on: 01978 800390 or email info@urecall.co.uk
For an urgent callback, leave your name and telephone number below
