Credit and collection management is the process of managing a company's accounts receivable and ensuring that it receives payment from its customers in a timely manner. This involves extending credit to customers, setting credit terms, monitoring the status of accounts, and taking action to collect on outstanding accounts.
There are several reasons why a company might choose to use credit and collection management services. One reason is to improve the company's cash flow. By effectively managing its accounts receivable, a company can reduce the amount of time that it has to wait for payment from its customers. This can help the company to maintain a healthy cash flow and avoid running into financial difficulties.
Another reason is to reduce the risk of non-payment by customers. By carefully extending credit and monitoring the status of accounts, a company can reduce its exposure to the risk of non-payment. This can help the company to avoid losing money on delinquent accounts and maintain a healthy bottom line.
Overall, the market for credit and collection management services is driven by the need for businesses to manage their accounts receivable and ensure that they receive payment from their customers in a timely manner. By providing credit and collection management services, finance companies help businesses to operate more efficiently and effectively.
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.