How Well Do You Know Your Customer?

By July 16, 2019Blog
Customer Due Diligence - Advivo Accountants and Advisors

Advivo believe that Customer Due Diligence makes all the difference to cashflow.

One of the most important aspects of taking on a new customer is due diligence, but often, time constraints and lack of resources can mean that this can get pushed aside.  However, customer due diligence can make the difference of remaining cash flow positive and we all know that cash is king.  Knowing your customer is vital and today’s digital era makes this more accessible than ever. Would it be a game changer if you knew that there was a way that you could improve your credit onboarding process, ongoing due diligence and debt collection?

Holistic and innovative online platforms like CreditorWatch can transform your credit management by streamlining and automating the process.

High-Level Understanding of Your Customer

CreditorWatch offers credit reports and credit scores on any entity in Australia. Easy to navigate, the software provides a high-level understanding of your customer and flags adverse information such as court actions, mercantile inquiries, insolvencies, payment defaults, and more.  Therefore, you are empowered to make informed decision and alter your terms if needed.

Customer Monitoring

Continuous monitoring of customers is something that is necessary, yet manually, it is near impossible to keep up with. Unfortunately, if a customer becomes insolvent, you won’t know about it until the letter arrives weeks later when it is too late. This is why one of the most important tools of CreditorWatch is the Monitoring and Alerts feature. Whether you have one customer or thousands, you can choose to monitor one or all of them. CreditorWatch will perform 24/7 monitoring for any changes of circumstance so that you never miss a thing!

Debt Collection Tools

Debt collection can be a rigorous process, but it improves cash flow. This is why CreditorWatch provides payment demand letter templates and with a logo. CreditorWatch customers who use debt collection tools have reported a 53% increase in receiving payment and 7 days reduced time to receive payment.

If a customer still hasn’t paid, you can let them know that you will lodge a payment default in the final letter of demand. Lodging a payment default with CreditorWatch will affect the debtor’s credit score for up to 5 years. Often, hearing this is enough to prompt payment. CreditorWatch also provides a list of slow-paying debtors and default suggestions.

Using a holistic software like CreditorWatch for customer due diligence, can improve your cash flow and credit processes. Embracing accessible technology to do the manual work for you, increases efficiency by saving time and money, so that you can stay focused on growing your business.  It only makes sense to know your customers better, stay informed about any changes in the credit rating and hence reduce opportunities to create bad debt.

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