Credit and collection management of open invoices refers to the processes that businesses use to ensure that they receive payment from their customers for the goods or services that they have provided. This can include setting credit terms for customers, monitoring the payment status of invoices, and taking steps to collect payment if an invoice becomes overdue.
One important aspect of credit and collection management is setting credit terms, which specifies the amount of time a customer has to pay an invoice after it has been issued. These terms can be negotiated with the customer and may include discounts for early payment.
Once an invoice has been issued, it is important to monitor the payment status to ensure that payment is received on time. This may involve sending reminders or follow-up communications to the customer. If an invoice becomes overdue, it may be necessary to take additional steps to collect payment, such as contacting the customer to negotiate a payment plan or engaging a debt collection agency.
Overall, effective credit and collection management is important for maintaining strong relationships with customers and ensuring that a business receives timely payment for the goods or services it provides.
Qube Credit & Collection Management Added Value
PRI® CrediSoft is a proprietary receivables credit platform supporting credit management processes supported by Qube Servicing. The platform manages and integrates collection workflows and tasks:
- On a daily basis as wells as intraday PRI® CrediSoft manages, controls and monitors all collection tasks defined as part of credit management:
- Main workflow;
- Subflows such as Promise to pay, and Disputes;
- Receivables portfolio performance via Dashboard functionality;
- Administration, Debtor and Receivables information accessed via Agenda and/or Debtor section, and detailed information generated in the Reports section;
- Supports debtor communication as well as (internal) client communication by mail, multi languages, as part of the collection workflow tasks, incl. logging as part of tasks performed;
- Enables access to specific Debtor, including Receivables, workflows to third parties such as credit insurers, credit collection agencies and/or bailiffs providing when required;
- And supports Voice over IP.
PRI® CrediSoft has been developed based on experience by Qube Servicing with market offerings and with the objective to enhance user friendly and efficiency of the credit management application supporting the collection process.
Compared with the market the service and functionality offered by PRI® CrediSoft proofs to be excellent and evidenced by demo on request.
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