CreditorWatch has launched a new and exciting system that detects overdue payments that clients can register against, with a single click.
Rather than spending valuable time searching your database to determine who is behind on payments, CreditorWatch makes this process easy and does the work for you. CreditorWatch clients are shown a list of potential defaults and all they need to do is simply select the defaults they would like to lodge and GO!
How does it work?
Data, which customers have provided to CreditorWatch (through an ATB upload or an accounting integration) is automatically and continuously analysed, validated and filtered to suggest ‘eligible defaults.’
Benefits of this new feature:
- Time-saving, easy & convenient – Clients no longer have to search for the business profile, key-in the default details, check against their records, and wait for approval once they have submitted the default
- Enriches CreditorWatch dataset – By automating most of the work for our customers, CreditorWatch will be able to expand our unique payment default dataset at an increased rate than before
- Assists decision-making – The more payment defaults that are being lodged, the more customers CreditorWatch will be helping to make better-informed decisions about their customers.
- Debt collection benefits – Registering payment defaults increases the chance of getting a debt paid
Why lodge a payment default?
Despite best efforts to get paid on time and collect debt, sometimes it is necessary to take bigger steps. If you are finding that debtors are still not paying up after sending many templated letters, you can let them know that if action is not taken, a payment default will be lodged. Payment defaults are no joke. They affect the debtor’s credit score and remain on their credit report for up to five years. In addition, other businesses receive an alert that the debtor has a payment default registered against them.
For more information about payment defaults, sign up for our webinar ‘The importance of payment defaults’
Contact CreditorWatch for more information about this new feature or head to our Payment Default Page.
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