Are you struggling to chase up overdue debt with your customers right now?
Aged Receivables ledgers around the country are beginning to display high levels of 60/90+ day creep. And as we continue to operate within the parameters of Alert Levels 2 and 3, many business owners are needing cash flow, urgently.
The cash flow choke begins to emerge.
In these unique and challenging times, you may be questioning how to ask for that overdue money without appearing to have a total lack of empathy for your customer.
With that in mind, we’ve established Drip, an online software tool that makes asking for that money, just a little bit easier.
Drip is the step before Debt collection. The chance to negotiate with your customer and come up with a payment arrangement that works for both parties.
The advantages of using Drip, as opposed to Debt collection
- You remain in complete control of the relationship with your customer
- You receive between 97-100% of your money, because Drip has super low fees.
- You only pay the fees as you receive the installments.
- You can access templated request emails (with proven engagement records)
It’s easy, you sign up for free, load in your debtor’s details, click send and then await their acceptance.
Your debtor will prefer this method because they can
- Look at the options and negotiate in real time (within the preset parameters that you have attached to the deal, when you set it up)
- They are thankful for the payment arrangement option that you are offering. It’s a much more empathetic approach and a great step before debt collection.
- If agreed by both parties, a Drip payment arrangement agreement can stipulate a Stop Credit removal process to an account that allows the customer to keep trading with you.
The best thing about setting up a Drip Payment arrangement is, it’s a legally binding contract. Once in place, the customer has clear expectations for payment installments and you can feel more confident with managing your cashflow.
It sure beats – hoping the customer will pay you….