What is Credit Control as a Service?
Put simply, Late Payment Service provides an outsourced credit control and management function for small to medium sized businesses.
The function is outsourced to us, we provide this service as if we were employees of the business but our costs are significantly lower than employing skilled and experienced resources to do the same tasks.
Our overview video is available for more background information.
What are the advantages of the service?
- We have the skills and experience to reduce credit risk and the negative impact on your businesses cashflow
- We work on different levels e.g.
- Level 1 – our basic service is limited to credit control services for the settlement of unpaid invoices, no monthly retainer and standard commission rates apply for settled invoices
- Level 2 – ideal for small businesses, those who need some up front credit risk reduction and perhaps have a number of late payments to chase on a monthly basis. A small monthly retainer applies but there is a 10% reduction on the collection commission for settled invoices.
- Level 3 – applicable to businesses that need frequent credit control services and have numerous late payments that need chasing for settlement. Acting as your appointed representative, we manage the risk of unpaid invoices tuning into bad debt, ensuring that cash flow isn’t negatively impacted. A monthly retainer fee applies but there is a 25% reduction on the collection commission for settled invoices.
- We operate a customer portal. We are fully transparent with our customers on the work we are doing to reduce the level of late payment and unpaid invoices. Each customer has a dedicated area where they are able to monitor the progression of their collection activities and also communicate directly with their agent.
- We provide a dedicated credit control agent for every customer. This enables the agent to become familiar with their customers business and their credit management requirements.
- The service is cost effective and risk free from a customer perspective.
Late Payment Service Limited is based in the United Kingdom (UK) but provides this service for both UK and United States (USA) based organisations.
Contact our team for more details about how to onboard as a customer.
Author – Late Payment Service – 2023