Blog

Struggling to get paid by your customers?

Learn how you can slash your bad debt problem in as little as 20 minutes with four easy fixes from ezyCollect.

Clients come to us with an all-too-familiar story: their customers aren’t paying on time and overdue debt is suffocating their business.

Our preferred payments add-on, ezyCollect, has a ready-to-go remedy that takes just minutes to sync with your MYOB or Xero accounting software, giving you data and a clear pathway to clean up the debt problem that’s holding back your business. Here are just a few ezyCollect fixes for common problems:

Problem #1 Overdue debt is not tracked

If you’re not able to quickly map the state of your accounts receivables at any time, it’s going to be hard to (1) understand its impact on your cash flow and (2) take action on priority debtors.

The fix: ezyCollect’s dashboard allows users to see the total amount owing to the business at any time. Users can drill down into the specifics of every customer’s payment history, and within seconds, sort customers by amount owing, time overdue, and what follow-up stage they are in.

Problem #2 Follow-up is inconsistent

Manual follow-ups chew up a lot of staff time and often fall off the to-do list as preferred tasks (such as making sales) take priority.

The fix: ezyCollect users can customise and personalise an automated communications plan to every customer. Once a debt is overdue, your customer starts to receive reminders (choose from a combination of email, SMS, fax, postal services). The system will even schedule phone calls for your staff to make. Maintain customer relationships with persistent, polite follow-ups that look and sound like they come from you.

Problem #3 Risk of default payment is not assessed

Businesses tend to automatically offer standard trade terms to all new customers and unknowingly sign on customers with a history of late or default payments.

The fix: Simply input your customer’s ABN or ACN into ezyCollect’s ‘Credit Check’ field and within an hour you’ll receive a Veda credit check report to your inbox. Among other data, the report includes the business’ credit score, which predicts the chance of an adverse credit event in the next 12 months.

Problem #4 It’s too hard to pay you

Businesses with limited options to accept payment can fall into the ‘too-hard’ basket when it comes to customers paying on time.

The fix: Something as simple as a ‘Pay Now’ button added to your invoices and emails means that your customer is one click away from paying their debt. Establishing a payments gateway to accept online payments is a simple process in ezyCollect and takes just minutes to set up.

Our advice? Get proactive on debtor management and enjoy a healthier business outlook in the year ahead.