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Unopened invoice = Unpaid Invoice: Solve The Problem

Flawless Logic

You must agree: if an invoice hasn’t been opened, it won’t be paid. So how can you ensure that customers open invoices and pay attention to their account balance with you, the creditor?

Corrivo solves this problem in several ways.  We built in some superhero features to make the lives of credit management professionals a pleasure, not a chore.

The Portal Solution

There are hundreds, if not thousands of software packages and platforms that can generate e-invoices and can send them by email to the recipient. And that’s just it – basic e-invoicing stops and delivery.

In Corrivo, users can see, straight from the dashboard, how many unretrieved invoices there are in total across all the accounts managed by their team. One click opens the full list and it is sortable by any field. Credit Managers often sort by the length of time that the invoice has been unretrieved. They make calls to customers whose invoices have languished unopened for the longest and try to problem solve. Others sort by invoice value and go straight for the money.

Even if a high value invoice has been unopened for only a few hours, they know that the sooner it is opened, the sooner it can be paid. This is good time management too: if you have a small team and a high volume of invoices, it makes sense to chase the invoices that have the largest number of digits, as opposed to the many invoices with totals only in the tens or hundreds.

Training The Customer

Corrivo also has a feature that allows credit teams to set an expiry time for the secure links that are emailed to customers. The secure encrypted link will take the customer to the invoice portal where they can retrieve their documents, and also download, query and pay invoices if they wish.   Some credit teams set the expiry time to as little as 2 hours. After this, if the link is clicked, the customer gets a message that the link has expired offering them the option to request a new link.

This is not a painful process, but nonetheless, customers soon get used to clicking on links to the portal soon after delivery to avoid the ‘resend secure link’ loop.

Credit teams can then mine the data captured in Corrivo to identify the slow responders and can then prioritise those customers for a courtesy call. Repeat offenders can be easily identified. Match late responders with late payers and delinquency rates and you’ve got a risk mitigation case on your hands: spotting possible problem debtors and heading off the issues at the pass.

Does It Add Up?

Unopened almost always = unpaid, but it doesn’t mean overdue. Just because a customer is late collecting their invoice does not mean they will not pay it on time but by spotting potential problems before they become problems puts credit teams on the front foot. Our clients have cited this feature as a major factor in helping them gradually reduce DSO and increase prompt payment.

The other sum that is important: fewer issues, fewer overdues = more time for Credit Managers to be engaging in these front foot activities. It’s a luxury position to be in for most credit teams, but it’s an all-inclusive perk for credit teams using Corrivo.

Book your Demo here.

David Harris

Author David Harris

David Harris is the Business Development Executive at Data Interconnect. Dave works with companies planning the implementation of Corrivo, the cloud-based credit control software which improves cashflow, minimises aged debt and streamlines processes for finance departments. If you would like to know more, contact Dave on: Davidh@datainterconnect.co.uk

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