Reminders & Collection (Step 3 of creating an optimal Factoring Invoicing Process)

This article is the third in a series where we cover the whole factoring invoicing process and how to design it using smart tech. You will learn how to automate manual repetitive tasks, gain deeper insights and increase control. Give your employees, customers, and their debtors a smooth user experience.

Five main steps

We’ve divided the invoicing process into five main steps. Each step has its own quirks and technical demands. We will go through each one of them and describe how to handle the subprocess optimally.

In this article we will focus on the third step: Reminders & Collection. If you haven’t already read our first and second article in the series, you will find them here: Part 1: Financing Requests – Generating and approving invoices | Part 2: Channels for distribution of factoring invoices

Continue reading the factoring series:
Step 4 Payments

Reminders & Collection
– Act on overdue payments

Reminders and Debt Collection is sometimes overlooked, especially the systematisation and speed of it. A well-integrated and optimised claims management flow can have a drastic impact on the Days sales outstanding (DSO), which in turn have a positive effect on liquidity.

The key to optimising the reminders and debt collection flow, is having software that monitor overdue payments and trigger actions. Depending on how long the invoice is overdue, the system can trigger either reminders via distribution partners, or send the errand to an external debt collection partner.

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This article only touch one part of the whole factoring process. The get the whole picture, download our free white paper on how to create an optimal Factoring Invoicing Process.

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At Quiddly we develop and license complete cloud based systems for Factoring, Invoicing and Debt Collection. Our concept is simple, but the solutions are advanced.

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