For a business, customers are what keep us strong and alive, keeps the engine running, and the wheel turning successfully. A big component of that success is maintaining good relationships with our customers and great experiences that keep them returning. But maintaining good relationships with your customers can sometimes be a challenging task and have a negative impact on your cashflow if boundaries aren’t established.
By giving your customer a payment arrangement after you have supplied a product or service, you establish a promise of good faith, a line of credit. In return for that promise, your expectation as a business owner is for that customer to pay on time. In theory, this expectation is not very high, right? But the reality is, the expectation between consumer and business owner couldn’t be more different.
Here at Bentleys, we have been exploring opportunities for our clients to improve their accounts receivable positions without damaging their relationships with their consumers. The result we have found is, by integrating a debtor management program as a part of your business, you can certainly achieve the above. Chaser and Debtor Daddy are two major players in this space which have seen great results from clients that use these products. Below is a summary of the features and outcomes of these products.
Debtor Daddy
Debtor Daddy is an app that chases debtors and will also act as your own personal debt collector. When businesses outsource their debtors list with Debtor Daddy, it allows them to save time managing late payments and spend more time on growing and developing a successful business. The software allows you to set and forget while Debtor Daddy reminds, calls and collects those late payers. The reminders and calls made by Debtor Daddy help uphold the business and customer relationship.
It is the perfect solution to a specific problem, which has resulted in businesses evolving to greater cashflow positions, with Debtor Daddy on average turning 43% of unpaid invoices into cash flow within 30 days. And with the seamless integration with your accounting software, the real-time data allows business owners to focus on the business’s everyday operations.
The key features include:
- Viewing the business debtor portfolio via your Debtor Daddy Dashboard
- Free professional setup
- Create and email templates that are customised to your specific business and plan for them to be delivered in a particular arrangement based on the payment terms and requirements of the business.
- Allocate an agent to call on behalf of your business to follow up on overdue payments.
- Overdue invoices that are not being paid after reminders and calls will be sent through to Debtor Daddy’s collection service.
- Debtor Daddy has a complete knowledge base and 24/7 support.
Chaser
This App is perfect for the business owner who does not have the time to be chasing those late-paying consumers. Chaser Automates this process for you and streamlines your accounts receivable without losing the human touch as this program is entirely customisable. Chaser also makes payment easier for your customers with its very own payment portal and links directly with your payment options. For you as the business owner, Chaser’s user-friendly dashboard has everything you need to review and utilise your debtor management systems.
Business owners currently using Chaser see their invoices paid 16+ days sooner. Save 15+ hours per week on chasing those late payers. Reduce days sales outstanding by 25% while still maintaining excellent customer relationships.
Debtor management systems have revolutionised how we manage our credit control. By implementing these customisable automations, your business will meet its expectations and improve its cashflow while keeping consumers happy and the relationship strong. With this stress-free approach to improving your business processes, it seems like a no-brainer!
Give Bentleys a call for further discussion on which management system is right for you.