Streamlining Credit Control and Improving Collections Performance
Collect Wise, a credit control and credit management consultancy, partnered with CANDDi in April 2023 to optimise their credit control procedures and enhance collections performance. The consultancy program was designed to address key areas in CANDDi’s credit control process and align it with their customer-centric ethos.
Consultancy Program Overview
Collect Wise implemented a four-step consultancy program tailored to CANDDi’s needs:
Stage 1: Review of Systems and Processes
The Collect Wise consultancy team thoroughly reviewed CANDDi’s credit control systems, tools, and existing processes. This step aimed to identify areas for improvement and streamline the credit control workflow.
Stage 2: Report & Proposal for Amendments
Stage 3: Implementation Support
Stage 4: Test & Review
With the help of Collect Wise, Go Live Data achieved real tangible results. These included:
58.51% Reduction in Aged Debt
By optimising their credit control procedures, CANDDi significantly reduced the amount of outstanding aged debt, resulting in improved cash flow and financial stability.
No Outstanding Debt Beyond 60 Days
Streamlined credit control process and automation of reminders led to efficient collections and timely payments.
Collect Wise provided valuable recommendations to CANDDi to enhance their credit control process
Updates to Terms & Conditions
Consent for Terms and Payment Options
An opt-in box for terms and conditions and automated email for marketing consent were introduced during the sign-up process. The company also streamlined payment options, encouraging upfront annual contracts to reduce complexity.
Credit Control Processes
Proactive and automated email reminders were scheduled, reducing the need for manual intervention in chasing payments. The process included various stages of polite reminders before escalating to manual credit control tasks.
Dealing with Expired Credit Cards
The cancellation process was improved to handle disputes effectively, with clearer guidelines on payment obligations after termination.
With a well-structured credit control system in place, CANDDi can now focus on maximising business opportunities and continuing to deliver top-notch services to its customers.
Contact Collect Wise
Need to improve collections performance and streamline your credit control processes? Contact us today