Businesses are suffering because of poor credit collection
Businesses of all sizes are fighting for debt because the original contact details they had for each customer were not updated before the epidemic.
Worse, many of these businesses have no mechanism, system or policy to check their data, or may give employees the time they need to manage workloads.
In a recent survey conducted by Debt Register, an automated collection platform, 61% of businesses confirmed that the quality of email data has deteriorated significantly since the epidemic began more than two years ago. The same number states that poor credit performance may be directly related to the absence of skilled staff to handle basic data, including email.
High staff turnover, furloughs and global redundancy mean that pre-coupled email communications from many firms are no longer relevant. Many are simply no longer in business, have been made redundant or have been re-employed.
Gary Brown, founder of Debt Register, said that 61% admitted to having problems which does not mean that the remaining 39% did not suffer any negative effects: “It may mean that they are not aware that they have problems, which is reasonably more so.” He says. “But whether they are aware that they have a problem, solving the problem is a big headache.
“Corporate machines are such that it is impractical to set up internal resources to achieve a manual fix: it takes people away from the front row and chases after the current debt. But it’s a false economy: the single biggest reason for not raising debt is poor data, and in particular, incorrect email communication, so finding a solution is essential. “
As a service platform, Debt Register offers simple solutions with its own software that automatically detects and verifies email contacts within a customer business responsible for bill payment.
Gary believes, however, that many businesses are simply burying their heads in the sand: “Without correcting these fundamental flaws, otherwise easily collected loans are either canceled or passed on to third parties, which directly affects a company.” , ”He added.
“Given the challenges facing the UK economy, cash flow is becoming more important than ever, but failing to invest in simple solutions that can solve data problems can ultimately mean investing in failure.”
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