Navigating the collections process is a critical aspect of managing your B2B transactions with Resolve. This article details our Payment Chasing and Collections Process, designed to simplify your workload and ensure efficient handling of past due accounts.
Communication and Notifications:
In addition to weekly and monthly notifications, delinquent customers receive email notifications at key intervals, including:
-
15 Days Past Due:
- An initial notification alerts customers of overdue payments and possible late fees.
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30 Days Past Due:
- A follow-up and prompting action. Late fees are added at this stage.
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60 Days Past Due:
- A reminder for persistent delinquency. Additional late fees are added at this stage.
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90 Days Past Due
- A final notifications emphasize the urgency of payment. Additional late fees and collections fees are added
We utilize a multi-channel approach, including phone calls for unresponsive customers.
To guarantee effective communication, it's crucial to maintain up-to-date contact information. This proactive step helps us reach your customers promptly and efficiently.
Collections Handling:
Our Collections team utilizes advanced automation and AI tools to proactively engage with delinquent accounts, optimizing the collections process for timely and efficient follow-ups. This ensures a smoother experience for both you and your customers.
If your team has updates on open or past-due invoices, relay this information to us for swift action. This collaborative effort prevents the issuance of past-due notices on invoices with provided updates, prioritizing accurate and up-to-date information.
In cases where our efforts to reach a delinquent customer are exhausted, our team will reach out to you before involving our trusted 3rd party collectors; at that point, collections fees will be added to the balance of the account. These external collectors follow a defined process, charging collection fees that are recovered from the payments received.
Collected balances will be allocated according to the following order:
- Collections fees
- Advanced balance recovery
- Non-advanced remaining balance
Consultation and Customer Relationship Approach:
Our team engages in collaborative consultations with you in scenarios where customer responsiveness is limited. The objective is to ensure we have the most current contact information and pertinent account details, fostering a proactive and informed strategy for handling delinquent accounts effectively.
We understand the value of customer relationships. Our Collections team adopts a human-centric approach, emphasizing respect and consideration in our communication. This ensures that, even in challenging situations, our interactions contribute positively to preserving your business relationships. It's crucial to note that our ultimate goal is to collect due payments. We may escalate matters in situations that demand it to ensure a balanced and effective resolution.
Additionally, our team promptly updates you when customers set up payment plans or dispute invoices.
Assistance Programs and Term Adjustments:
- Struggling customers may benefit from payment plans, avoiding additional late fees and collection fees. Customers may reach out for further info.
- If available, consider requesting term extensions on past-due invoices to adjust the due date.
Quick Links:
- How are late fees assessed?
- Why is my customer's account on a credit hold? And how do we remove the credit hold?
- Request Credit Line Reinstatements
- Void Invoice
- Applying a credit note balance to an open invoice
- Waive late fee on non-advanced invoices
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