Cash Flow Control Best Practice
Another Bank has suggested that businesses have clenched their overdraft procedures in an effort to combat late payments. Despite research results showing that the number of days to collect payments has been reduced, owners are still worried that their cash flow will be affected.
A survey showed that one in 10 business owners would be willing to cut back transaction operations if their customers took more than three months to pay invoices. It is believed that an increasing amount of businesses have tightened their overdraft procedures and taken more sophisticated credit control protection methods in order to minimise the financial losses caused by debtors.
Here are some top credit management tips that will help you to increase your cash flow.
- Invest in Letter Communication
Some people react more positively to traditional letters. By using OPS you can create , print and send a set of letters to customers who consistently pay late or sometimes not at all. - Enhance and expand your customer communications using SMS and Email Reminders
SMS reminders allow you to easily target debtors using a simple campaign tool. OPS also has a set of tools that allow you to send out bespoke email reminders which can minimise debtor excuses and improve customer contact. - Minimise Customer Complaints
The best way to manage your customer disputes is by using a friendly interface. OPS is useful because it accelerates query resolution handling and guarantees that your invoices are received on time - Be rigorous if needed
You need to be austere in the debt collection industry and record conversations or enlist the services of debt collection system too that can resolve your cash flow management issues quickly.
Find out more about Open Payment System and how it can help you to better manage your cash flow on info@openpaymentsystem.com today.