Ask anyone working in accounts what they love most about their job and we guarantee it won’t be chasing late payments or bad debts!
But like it or not, the time will come when they’ll have to pick up the phone and make a call to a customer to find out why their payment is late. It’s not pleasant and it’s often awkward, particularly when you know the customer personally!
Often there’s a legitimate reason for a late payment—a change in account details, a reminder buried in the email junk folder, or a misunderstanding about timing. And sometimes you’ll have to play ‘cat and mouse’ with a customer to get to the bottom of the delay.
Whatever the case, the process is draining both emotionally and financially as it takes your staff away from working on the business at hand.
There’s an easier way: Think PaySmart!
For PaySmart clients, anytime your customer misses a payment, PaySmart’s Debtor Management System kicks in—at no extra cost. We undertake your dishonoured payment recovery for you, so you don’t have to spend hours on the phone chasing outstanding fees when you could be working on your business.
How does PaySmart’s dishonoured payment recovery work?
- Customers with dishonoured payments are sent an email, SMS and letter requesting they contact PaySmart’s Customer Service Centre immediately—our Customer Service operators have direct access to the relevant payment areas and can help your customers address their situation as quickly as possible.
- Dishonoured payments are processed immediately, rescheduled or a payment plan is established.
- Action regarding dishonoured payments is updated in our Benchmark system.
- Delinquent customers are referred back to you after three failed payments.
- You then advise PaySmart whether to continue debiting or to refer the matter to debt collection.
- You are in control of your customers at all times.
What our clients think about PaySmart’s Debtor Management Service:
“I breathe a sigh of relief every single day knowing I don’t have to spend time chasing debt. Working with PaySmart means I can concentrate on the business of helping our students with their education, rather than being faced with an administrative and debt-collecting nightmare.” — Christine Bruce, Director, Bangor Learning Centre
“The reporting systems we have access to through PaySmart give us an excellent insight into how we’re travelling from a financial perspective. If overdue payments are identified, it allows us to address them a lot faster, and as a result, this can have a positive impact on cash flow.” — Johnny Loannou, Business Manager, Cardijn College
Don’t forget, not all direct debit billing providers offer a debtor management system at no extra cost —contact PaySmart to find out more or to get started with PaySmart today.