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Chasing payments: the benefits of outsourcing

  Published: 22nd August 2019

Chasing for payments is one task that many business owners and managers dread. When carried out ineffectively this can lead to a whole host of problems, including damaging your customer relationship, impacting your cash flow and ultimately cause you a tremendous amount of unnecessary stress.

 

But how can you tackle this task so that it achieves real results, whilst maintaining those vital relationships with your client? Arguably, for many businesses the answer is to outsource this function. Below we will take a look at the benefits that outsourcing your payment chasing can have on your business:

 

Time savings

Credit control can take up an enormous amount of time, particularly if you aren’t confident in your skills as a credit controller. Of course, when this task is taken off your hands you will save a significant amount of that invaluable time, leaving you free to focus your attentions on other aspects of the business.

 

Improved cash flow

Handled by experts in their field, outsourcing your credit control will mean that the process is much more proactive, and prioritised in order of value. This means that time spent chasing is used much more effectively; leading to higher returns and, subsequently, improved cash flow.

 

Clear sales ledger

With a more proactive approach to this function, this also means that your sales ledger is kept up to date at all times, therefore you have a much clearer picture of payments due and received. This in turn allows you to appropriately plan your cash flow for the coming weeks and months.

 

Improved customer satisfaction

Many businesses worry that outsourced credit control will detract from a customer relationship. However, a reliable provider will ensure that all activity is carried out in a customer focused manner, thereby improving this relationship. In addition to this, by outsourcing, this separates you from the task, allowing you the time to approach your client on other matters.

 

Would your business benefit from outsourced credit control? Contact the team at Zodeq today to learn more about our Zodeq 360 service.