Credit Management Software

How to remain in control and accelerate your business growth with credit management software.
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What is credit management software?

Credit management is a relatively new concept and aims to streamline the financial department, including debtor management, and minimise the risks in this area. Credit management should optimise, manage and control the cash flow of a company, both operationally and financially. This is critical since it serves to prevent late or non-payment. Getting credit management right reinforces your company’s financial or liquidity position, making it a critical component in your business.
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Why do you need a credit management system?

Credit management can be divided into four parts: credit analysis and risk management, cash collection, dispute management, and debtor management. All parts aim to ensure that customers pay their invoices within the defined payment terms. An effective credit management platform directly contributes to the profit of your company because of lowering late or non-payment, improving cash flow, lowering your DSO, and improving payment behaviour of your customers.

Effective credit management: how to achieve it?

Entrepreneurs are doing their utmost to bring in new customers, but fail in the part when these new customers have to start paying for their products or services, while this is a crucial part of doing business. Credit management involves a lot more than just calling and emailing customers to remind them to pay their invoices. Rather, it involves gaining a deep understanding of why your customers do not pay on time and respond appropriately.

You can easily achieve effective credit management by using smart credit management tools. This credit management tool can be linked to other software you already use, such as your invoicing software, bookkeeping software, or CRM system.

Credit management software

  • Credit management software is another tool to reduce your workload. The software of Payt connects easily with your accounting program. Without you having to do anything, it retrieves all the relevant information from your package every day. Payt’s credit management software makes it possible to send invoices and reminders fully automatically. From your first invoice to the final reminder. This structural way of reminding the outstanding invoices, using our payment follow-up software, ensures consistency in the process and better payment behaviour of your customers. This leaves you more time for other important matters within your company.

The ultimate credit management service

Every day, bright minds work at Payt to develop the software and make it smarter and easier. An example of a smart feature is the communication tool. This allows your customers to communicate with you on an invoice level. Instead of sending emails back and forth, the communication is registered in the corresponding invoice. As a result, staff working with Payt can always access messages and do not depend on someone’s mailbox.

A better alternative for credit management companies

Credit management companies only cover a part of the debt collection process. These companies do not have any relations with the customer, making the debt collection process very distant and business-like. Also, a credit management company needs to get the debt collection fees paid as part of their revenue model. Payt covers the credit management of your company from A to Z. From the very first invoice, to the reminders, and if needed, up till the debt collection process. With Payt, you can choose to waive these costs, making you more flexible and ensuring a friendly and potentially long-term profitable relationship with your customers.
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Curious to learn more about how Payt can help improve your credit management? Download our brochure.

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