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Receivables Factoring is a process that enables small businesses to sell their accounts and other receivables account for financing. The financing company purchases these notes at a discount price, gives money to the company and, when the due date the account is, it collects money from customers at face value account. The company can collect the money itself or outsource the work to another company specializing in cash collection services.
The Outsourcing company first performs what can be termed as the photo. This means that as soon as the acquisition is received, the company uses a number of recording scanning purchase order, and then index it based fields such as customer name, customer, account and date. This will ensure that all customersï¿bf½ data are stored together digitally and is available when needed.
Next scan POD or proof of delivery. Here customerï¿bf½s signature on the document is confirmed. This serves as evidence that the product was received and approved. The next step involves the creation of an account statement. Once this is done, the company started the process of collecting the money due date comes. All Outsourcing company focused on maintaining cordial relationship with customers, and collect the money as soon as possible.
In fact, some companies also design customized solutions to implement both inbound and outbound treatment plans to manage accounts based on customer policy.
The company then contact customer formal letters or phone calls, and also maintains a record of the same. If, after adequate instruction, not payments not realized, the company also provides statistical reports causes delinquencies. It also issues like defaults on damaged goods, unfulfilled service and pricing discrepancies.
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