Debt Chasing
Tailored, automated and interactive
A new approach
Debt chasing is more than just sending email after email hoping to get paid.
Often there can be genuine reasons why an invoice has not been paid: an invoice error, problems with delivery, incorrect goods. Firing out email after email only harms the relationship with a customer.
Some customers should be given more slack. A loyal customer who is going through a tough time needs to be helped, a customer who has used you just once and is failing to pay needs less sympathy.
Two Way Communication
Allowing direct communication from the customer to yourself can help strengthen relationships, avoid unnecessary confrontations and get you your cash quicker. The chasing will be tailored to your requirements, and can include late interest (and historic late interest charges) to provide more encouragement to pay.
GFTM uses 4 different tone levels to communicate to customers, with 1 being the most friendly up to 4 which is a final demand. The tone used will depend on a variety of factors: how overdue invoices are, the length of time you have had a relationship with the client, whether there has been any communication with the customer and the overall credit rating of the customer. The tone chosen will take all these factors into account.
More importantly each email, statement and reminder sent has a link to allow the customer to communicate with you via GFTM. Customers can use natural language to report issues, ask for more time to pay and set up payment plans (all pre-authorised by you). Negotiations can take place without your involvement, and GFTM will follow up on reminders and debt chasing on the payment plan.