Whether you have an in-house collector, you outsource your collection efforts or your factoring company takes care of it for you, it’s important to thank your collector.
If you use Scale Funding as a factoring company, there are several things our collections department does to ensure your invoices are paid.
1. Follow-Up
Our collections department makes sure to follow-up on past due invoices to ensure it is made aware by your customer. If your customer is missing paperwork or if the paperwork is not received for any reason, your professional collector will take care of this for you.
For many, it’s becoming more common to receive invoices and paperwork electronically. This makes the process quicker for all – especially if there is missing paperwork. If your customer accepts electronic submissions, we can easily and quickly get the missing paperwork over to them so your invoice is paid as soon as possible.
2. Friendly Reminders
If a payment is late, our collections department is professionally trained to contact your customer to give them a friendly reminder of what they owe.
3. Alerts
If there is incomplete paperwork or delinquent debtors, we’ll alert you so that you’re aware. Open communication between our collections department and your company makes it more productive and successful at collecting invoices.
4. Field Calls
We want you to focus on running your business and making it successful. That is why the Scale Funding collectors make field calls about paperwork, account setup and any other issues so that you don’t have to.
5. Credit Checks
It’s also useful to stay on top of the payment trends of your customers. Our Credit Department monitors the credit of your customers. If they notice a decrease in credit score, change in pay trends, communication issues, broken promises or skipped invoices, we let you know promptly. This gives you insight on the likelihood of getting payments in a timely manner on any new contracts or increased volume you’re considering taking on.
Collections at Scale Funding
While some factoring companies don’t have a collections department as an added service, Scale Funding provides you with a dedicated collection specialist at no extra charge.
Our collections team always looks for the best solution when working with slow-paying customers. Rather than using aggressive tactics that are usually ineffective, we work diligently and respectful with the right people.
To learn more about other added services Scale Funding provides, contact us today. We have more than 20 years of experience helping businesses in a variety of industries solve their cash-flow problems through our invoice factoring and accounts-receivable financing programs.
Stop worrying about collecting on your invoices and focus on your business. Partner with Scale Funding today – (800) 707-4845.
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