The problem of late payment has become so acute across the UK economy, and has such a heavy impact upon SMEs, that the government has originated the role of “Small Business Commissioner” to tackle the matter head on.
According to research conducted by Bacs Payment Schemes, 47% of SMEs surveyed are paid late by their customers on a regular basis. Even more shocking is that the average small business is owed £32,185 in late payments. Credit control software, such as LATERAL, is the innovative means by which late payments can be prevented.
STOP CHASING OVERDUE INVOICES
Credit control software has been engineered to get your invoices paid on time. Advanced software enables you to collect and manage payments more efficiently. Which means you get more cash in the bank more quickly. LATERAL automates credit checks, produces debt-chasing lists, and generates remind correspondence on an escalating basis. This is a highly effective process.
OMNI-CHANNEL APPROACH
A great advantage of credit control software is that it communicates with your debtors via the most effective ways possible – SMS, Email, WhatsApp, and Live Chat. These scheduled methods of correspondence fully automate your credit control processes and have a beneficial impact in terms of reducing aged debtor times, strengthening cash flow, and removing error-prone and labour-intensive communications.
REDUCING BAD DEBT RIGHT OFFS
According to Paystream Advisors, companies that adopt credit control software systems typically reduce bad debt by 15-25%. In short, companies who choose to invest in this credit control software reap rewards by replacing manual processes with automation, and centralising their information and data.
For more information on how LATERAL can automate your credit control process, get in touch today.