The Australian economy is struggling with supply chain issues, rising interest rates and ongoing financial uncertainties. While growing debt could potentially cause the demise of your business, collecting outstanding payments is proving to be more difficult than expected. According to CreditorWatch’s July 2022 Business Risk Index, external administrations have risen 50 per cent since April and are up 46 per cent year on year. Court actions have also increased 54 per cent year on year. These reflect the fragility of current economic conditions – businesses are at higher risk of being exposed to customers that are becoming insolvent and unable to pay their debts. CreditorWatch has tools and tips that will improve your chances at collecting outstanding payments, safeguarding your business from slow or non-paying debtors.

CreditorWatch’s debt collection tools automate your debt recovery process, helping you get paid faster. We eliminate the need to manually chase businesses for outstanding payments, enabling you to expedite payments and prevent bad debt.

To improve your chances at collecting outstanding payments, send persistent reminders to your debtors via emails, texts or phone calls. Utilise our professional letter templates for every stage of the collections process. These branded templates include welcome letters with payment terms, payment overdue notices, final notices, letters of demand, 30, 60 and 90-day reminder notices, assisting you every step of the way. Benefit from our powerful third-party endorsement and add the CreditorWatch logo to your invoices and statements – this increases your chances of receiving payment by 53%.

Registering a payment default with CreditorWatch can also increase your chances at collecting outstanding payments. Payment defaults can have a huge impact on a business’ reputation, as they remain on a company’s credit report for up to five years. We’ve found that 91% of customers will not engage with a company with a default. By making your debtors aware of the significant impact defaults can have on their future partnerships and opportunities, you can encourage these debtors to pay you back faster.

Take a proactive approach to debtor management by linking CreditorWatch to your accounting package. CreditorWatch seamlessly integrates with Xero and MYOB, enabling you to accurately record paid invoices and outstanding payments. This gives you a clear overview of your ledger and high risk customers, enabling you to stay ahead of your debtors.

CreditorWatch’s debtor management solutions increase visibility across all your debtors, helping you identify risk indicators and prioritise collections. We help you mitigate risks upfront by analysing the risk profile of potential customers before you start working with them. We also monitor your existing customers for signs of cash flow problems, so you can quickly implement strategies such as updating payment terms or expediting collections.

To learn more about improving your chances at collecting outstanding payments, book a free demo here.