Keep Your Slow Pays from Becoming No Pays
Monitoring your customers’ credit helps you stay ahead of changes in their ability to pay, which can change quickly. Knowing this sooner, not later, enables you to take action to protect your company or capitalize on opportunities to be first in line to collect. Monitoring helps you avoid delivering additional products and services to customers that are on the verge of going out of business.
Business credit monitoring has been a powerful tool for credit managers for years, but minimums have kept some companies out of the game. Now we have made account monitoring alerts accessible and affordable to small businesses, enabling them to monitor as many or as few businesses they want at a low cost with no minimums.
Monitoring your customers’ credit is simple. Once you add a customer to the list of companies you’re monitoring, you’ll automatically receive notices when there is a change that might affect your customer’s ability to pay.
Alerts will be generated and sent to you when your customer begins to pay slowly, receives a derogatory comment (COD, etc.), is sent to a collection agency, has a tax lien or judgment filed or files for bankruptcy.
Of course, you don’t want to wait until your customer files for bankruptcy to take action. Monitoring enables you to be proactive and take action before other creditors do so your invoice gets paid ahead of others. Once alerted, you can apply a credit hold, require a deposit or adjust terms. Sometimes, the alert is a simply trigger to pull a fresh credit report on your customer for review.
We now offer Lifetime Monitoring for just $5.00 per account, per year. Just tell us the companies you want to monitor and we’ll send you alerts for as long as the company is a customer of yours. There are no minimums, so you can start with one, ten or any number of customers you want to monitor.
It’s impossible to overstate the importance of monitoring your customers’ credit records for changes to keep your slow pays from becoming no pays. Don’t wait for payments to become late before you take action. Be proactive by monitoring your customers’ accounts. Contact us and we’ll help you to get started today.