Outsourcing Credit Management

Contact us if you are considering outsourcing credit management. We will work with you to find the best credit management solution for your needs. Our services are completely free and we will match your business requirements with organisations that are rewarded purely on your desired success criteria.

Credit Management encompasses a number of business functions. In particular, this includes:

Customer Risk Assessment: This will include setting credit risk levels for customers and controlling their purchasing activity against the level of risk that they represent. A good credit management outsourcing organisation will use a combination of credit reporting and behavioural assessment such as payment profile and customer attitude to identify customer risk levels. Customers are then managed according to their risk profiles.

Billing: This involves invoices being produced accurately and then sent out to clients according to the required terms e.g. using up-to-date purchase order numbers (P.O. numbers), or sending invoices via specific mediums. Invoices will then be verified with the customer well in advance of the due date in order to confirm the billing information is agreed.

Query Resolution: Upon verification of invoices, queries will inevitably be raised by customers. Your outsourced credit management department will work to resolve these queries on your behalf. This will involve a mix of working to pre-agreed parameters, as well as liaising with the various departments of your business (particularly your sales department), in order to bring queries to resolution. The purpose of this is to remove reasons for non payment.

Account Reconciliation: Balances will be reconciled between your internal accounting information, the information that the outsourced credit management provider holds, and that which the customer holds. This ensures that payments, credit notes and invoices are allocated where they should be, thus removing cause for confusion between all parties.

Credit Control: Your customers will be contacted by your outsourced provider in your business name, with their payments managed against the terms set for them in their sales contract and their customer risk assessment. Your clients will believe that the credit controllers contacting them are indeed from within your own organisation.

Trace Activity: From time to time customers may move address without letting you know. Your outsourcer will be able to locate these customers on your behalf so that the relationship can continue to run smoothly.

Debt Collection: In the event that your customers do not pay you during the credit control process, your outsource provider can switch to operating in their debt collection business name. In doing so, a heightened level of awareness will be raised with your customers, showing that you mean business in obtaining payment from your customer. Often, this change of name in the collections cycle will yield very quick results.

Legal Action: From time to time, it may be necessary to utilise litigation activity against your customers in order to obtain payment, to recover assets, or secure your position against your customer’s assets. Your outsourced provider will have the right tools at their disposal in order to take the best course of action in each individual situation.

Up Selling: It may also be desirable to include an element of sales service whereby your outsourced credit management function will provide leads to your sales team, or up-sell services based on predefined criteria. This can provide significant added value to businesses and is often overlooked by many organisations that outsource their credit function.

if you are interested in outsourcing credit management activity. In your email, you should let us know your name, contact details, an overview of your business and why outsourcing is of interest to you.

USEFUL CREDIT MANAGEMENT RESOURCES: Use the links below to access useful credit management resources:

Graydon Credit Reports Order UK and International Business Credit Reports From Graydon. Order Graydon Credit Report!

UK Data Credit Reports Order UK & International Company Credit Reports and Company Director Checks from UK Data: Order Company Credit Reports!