Debt is an implicit reality in the business ecosystem that, in many cases, can lead to disastrous consequences for companies. If monthly income estimates are not met as expected, due to non-payments, among other reasons , organizations face real difficulties in meeting their payments . Something more usual than expected.

In addition, debt collection management consumes large resources within the company: chasing customers to pay generates costs and prevents teams from dedicating themselves to value tasks . In this sense, a transaction is not closed until it is collected.

Regardless of its size or its sector, no company is exempt from the risk of non-payment by its clients . It must also be taken into account that the greater the commercial relationship with the client, the greater the possibility of non-payment .

Enemies Of Effective Collection Management

• Incorrect Debt Tracking: This is a key process, but it involves many difficulties. Lack of centralized company data prevents it from being carried out.

• Uniform treatment of clients with different profiles : On many occasions, a personalized response is not offered to each of the clients based on their relationship with the company, which delays payment.

• Lack of team coordination : The lack of an integrated system from which the updated status of each process can be accessed results in slow and inefficient management of negotiations with the client that hampers the productivity of professionals.

Allies To Speed Up Debt Recovery

Automating processes through a structure differentiated by profiles helps improve treasury by making it easier for companies to manage all tasks related to debt collection . It not only allows you to streamline processes, but also coordinate employees to balance workloads and improve team productivity . 

To streamline debt collection it is necessary, first of all, to centralize all available information on companies, contacts and activities. On many occasions, the data is dispersed in different databases or even in paper account books.

Second, the debt management system must allow for notices and alerts to be set up to proactively track debt files , from history to negotiations to non-conformities.

Indispensable For Collection Management

Having an agile and flexible collection management tool is an essential factor for optimizing debt recovery processes . These platforms must have some essential functions to carry out the task effectively:

• User profiles: Having an agent role and a supervisor role gives the supervisor full visibility into productivity to reassign and adjust tasks based on workload.

• Customer profiles: Allows you to establish guidelines for

• Data integration: unifying information from disparate sources in a single environment allows quick and agile access to all data without leaving the platform.

• Personalization: It adapts to the operation of each company and allows you to create actions with multiple different conditions, such as temporality.

• Process automation: configuration of automated alerts that notify the user when a payment deadline has passed or when the next procedure must be started.

Also Read: Build Customer Loyalty With Customer Insights