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01 July 2014

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Outsourcing Credit Control - A Case Study

This client handed their credit control to us - and allowed them to get on with what they do best ...

We were approached three years ago by an established and very successful company, who despite their success were experiencing problems in collecting their cash and as a result were using their bank overdraft facility to fund their customer's slow payment.

After looking at the company's various credit control procedures it became evident that there was a lack of control from opening accounts, setting credit limits, through to chasing overdue accounts. It was agreed that for a monthly fee we would take over the whole of the credit control function, which would be run from our offices acting as the credit control department for our client.

Over a period of time we have set in place a credit policy from account opening procedures, the setting of credit limits, agreeing and making the salesmen aware of the chasing and stop procedures. Most importantly speaking to their customers and educating them on our clients' payment terms and ensuring that they adhere to them.

In the early days of our involvement our client's sales department were concerned that business would be lost and their customers would be resentful as a result of the stricter credit control policy. Three years on these fears have been allayed, as the business has continued to grow and the client's days sales outstanding has been significantly reduced resulting in the client not needing to use their overdraft facility.   



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