In an attempt to collect as fast as possible, collectors typically jump right into aging reports without differentiating between the ‘good’ – easy to collect, the ‘bad’ – to be deprioritized and the ‘ugly’ – critical receivables.
However, not all accounts are the same. Differentiating factors include broken payment commitments, escalations, non-responsive correspondence, credit risk and multiple disputes. Collectors need to tailor strategies to tactfully deal with the multi-faceted, diverse accounts instead of chasing them with the same strategy.
Research on more than 500 A/R projects with industry pioneers including A/R teams at Ferrero, ShurTech and Dr Pepper Snapple Group, has revealed that collectors could significantly fast-track collections by tactfully handling account diversity with targeted strategies.
Watch this webinar to learn more about techniques and technology to focus on, for optimal categorization and faster processing of receivables.
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 1100+ Global Businesses
