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In view of a renewed rise in Covid-19 cases, there is a good possibility that business conditions will deteriorate, forcing many trade debtors to face payment difficulties due to liquidity squeezes.
Businesses that supply goods or services on credit must seek alternative solutions to streamline operations and take measures to avoid possible defaults, late payments and complications with customers / debtors.
Adopting an automated accounting and invoicing / billing software is a necessity rather than a luxury, but by itself does not mean much if a business is unable to utilise modern debt collection methods.
The first thing that comes to mind is probably using a digital portal that sends automated email reminders to clients to pay the amounts due, and alerting staff members to make calls to exert pressure on debtors to pay.
This might work for a while, but perhaps a better and more efficient method is to outsource the task and assign the invoices to an alternative finance provider which will discount the invoices and pay 85% of invoice value now, collect the debt and transfer the remaining 15%, less its fees to the Supplier after the payment is received in full.
An alternative funding provider solving cash flow problems is Eurivex Trade Finance Limited (http://www.eurivexfinance.com/) which offers invoice discounting for both domestic and international business.
In sharp contrast to the banks, Eurivex does not require personal guarantees or tangible securities in the form of mortgages and floating charges on businesses.
The seller can give credit of up to 120 days to its buyers and after assigning the credit invoice to Eurivex, it will secure immediate cash. The assigned invoice is the only collateral required. A company that does not have strong financials can still apply to Eurivex if the quality of its debtors is good.
After the limits on the debtors are agreed, the business presents its invoices pertaining to pre-approved clients which are discounted immediately. The business thus receives instant cash of up to 85% of the invoice value and the balance of 15%, less the agreed fees upon settlement of the invoice.
Such financing arrangements are also useful for businesses looking to reduce their risk as Eurivex combines financing with credit insurance through its arrangement with Euler Hermes whereby the credit invoices issued to buyers are insured against default.
Automation
One of the main benefits of automation is the collections and storing of data and various types of information in a single format. The use of the Eurivex automated system gives instant ageing analysis, as well as payment track record of customers, giving invaluable information to the Supplier.
The other benefit of automation is that it reduces repetitiveness, thus increasing staff productivity, is cost effective, easier to communication, control and gives the Supplier the tools to monitor the situation and take action before it’s too late.