Step 1: Perform a business credit check
Log into your CreditorWatch account and search for any business in Australia to analyse their credit report.
Review your customer's credit history and identify adverse information including registered defaults, court actions, insolvency notices and mercantile enquiries.
You can also purchase a company's credit score and payment predictor information to populate the credit report with even more data. This will help you assess the company's risk and payment behaviour over a 12 month period before choosing to do business with them.
Step 2: Monitor your customers and receive real-time alerts
It's best practice to monitor all of your customers, so you receive email alerts as soon as an important change occurs that could impact your customer’s financial position, and ultimately, their ability to pay you on time.
You'll be alerted to risky behaviour, like if your customer fails to pay another supplier, incurs a payment default or is taken to court.
Step 3: Take action on the debtors in your High Risk List
The High Risk List automatically populates itself by ordering your customers by their severity of risk.
These are the customers in your ledger to watch out for.
Learn more about the High Risk List.
Step 4: Use our debt collection tools to get paid faster
All CreditorWatch customers have access to a suite of debt collection tools for every stage of the accounts receivable process.
Send letters of demand and payment reminder notices with our automated templates, use the CreditorWatch member logo on your invoices to prompt payment and register defaults against non-paying customers.
It is possible to be a debt collector without straining your business relationships. Find out more about effective debt collection on our blog.
Step 5: Reinvent the way you do your due diligence
You've learnt how CreditorWatch works, but what's next?
Additional CreditorWatch features
Find out more about these additional features here.