The ultimate cloud-based solution to collect unpaid invoices

CollectXpress: Your 24/7 collection buddy!cloud-based collection solution, unpaid invoices, collectxpress, sme

 

Late invoice payments, a pain in the neck!

For all small-medium enterprises (SMEs), this pain knows no borders. Throughout the globe, SMEs are suffering from unpaid invoices, cash flow problems, and if this issue is not solved, it would remain a barrier to many businesses succeeding.

A study from Tide revealed that SMEs in the UK are on average chasing five outstanding invoices at any one time which is eating into 1.5 working hours per day! It is worth spending hours chasing unpaid invoices when you can do it in minutes with just a few clicks?

Furthermore, The Star published a study entitled “Digitalisation Survey of SMEs in 2018”, by SME Corporation Malaysia and Huawei Technologies (M) Sdn Bhd, stating 50.2% of respondents using financing and accounting technology and 28.8% using human resource solutions for back-end business processes. These figures showed us that SMEs are indeed aware of the need to automate their back-end business processes. Unfortunately, the majority of SMEs are still lagging behind when it comes to completely modernising their business. So, what is holding them back?

SMEs’ biggest concern is cost.

Many SMEs are well placed when it comes to knowing their tech requirements and the importance of digitising their offerings. However, cost is a key concern. With tight cash flow, it is not easy to risk it all for a tech upgrade. But that’s the beauty of having a Software as a service (SaaS) product like ours, where we deliver applications over the Internet.

With our cloud-based solution, CollectXpress eliminates the cost of purchase and installation of hardware, as well as the cost to hire an IT employee to maintain the hardware. This is extremely advantageous for SMEs as it provides access to equally high-powered software but at a more affordable price point. JurisTech has been providing enterprise debt collection software for over 20 years. Recognising the same need among the SMEs, JurisTech is now offering a solution especially catered to your needs.

All you have to do is to subscribe and pay the monthly subscription fees.

How does CollectXpress help you collect unpaid invoices?

Like it or not, the world is evolving. The emergence of modern problems requires modern solutions and as Deloitte forecasted in 2018, a revolution of payments technology is sweeping the SME landscape.

CollectXpress is a collection software that manages and keeps track of all your invoices, making sure you don’t miss a customer’s payment. CollectXpress acts as your personal 24/7 collection buddy, helping you save time, connect easily to your customers, plus avoid burning a hole in your pocket.

Just imagine having your own personal collection buddy that helps you chase your customers for unpaid invoices. Furthermore, it also understands your customer’s payment behaviours and handles customers with personalised methods that are effective. That’s not all of it! It also comes back to you with detailed reports and helps you forecast your cash flow plus showing the collection of money flowing in real-time. The best part would be that you will be in control and you can command it to do everything you want without breaking a sweat or even hearing a word of complaint from it.

A dream? Of course not. This is the modernised world you are living in!

The ultimate cloud-based collection software that you will ever need — CollectXpress.

How does CollectXpress deal with customer’s unpaid invoices?

1. By personalising and simplifying the methods you collect from your customers.

I think you have figured that collecting payments from customers is not as simple as you think it is. Tuning your legacy process towards the different behaviours of your customers is tiring and complicated. However, debt collection has now become an art. With the right collection process, you will be able to expedite payments and maintain control over your cash flow.

You see, CollectXpress outlines a course of action at every step to measure how long it takes for your customers to pay an invoice, and manage your collections efficiency based on it. In essence, CollectXpress is smart enough to deal with your customer’s unpaid invoices accordingly.

How is it done?

CollectXpress will consistently track all your customers, then it segments your customer base according to their payment behaviours. Next, it organises collection treatments for each customer segment. Collection treatments are collection activities reaching out to your customers via different types of communication channels such as SMS, email, call campaigns, and etc. Hence, once a customer is late on his/her payments, CollectXpress will follow-up quickly with the customer. For instance, sending out an SMS or email reminders. Moreover, generating a calling list for your call centre daily, keeping track of his/her contact-ability to determine the best time to call and the best number to call. Thus, saving you time and energy, plus increasing your business revenue!

2. By keeping track of your customer’s promises automatically.

Let’s also not forget the core of any collection system which is to get your customers to agree to pay on the promised dates. This is why CollectXpress gives you the flexibility to set up customer’s “Promise to Pay” (P2P) details which include criteria like flexible instalments and durations; rules to enforce minimum Promise to Pay amounts and maximum instalments; Promise to Pay limitation for collectors, supervisors, and managers; and alert system when collector exceeds limits.

Furthermore, the customer’s “Promise to Pay” (P2P) details will be matched daily with payments received in your accounting system giving you a head’s up to whether their promises were fulfilled or broken. This will help you track expected payment dues to make the right action, to the right customer, at the right time.

By levelling up your communication strategy, assigning the right case to the right person to collect overdue debts.

Are you wasting your time assigning cases to your collectors or account managers?? I am sure you have better things to do than doing such unexciting work.

We want you to focus your energy on your business and do productive work that contributes to the increase of your business revenue. CollectXpress frees up your time by assigning the right cases to the right person to collect overdue debts. The amazing thing is that it also checks for collectors on leave or banned collectors to handle each assignment carefully. To make your life easier, CollectXpress also tracks all the assignments and reassignments for you to monitor.

3. By identifying trends, analysing causes to find the right business strategy

In order to stop chasing unpaid invoices, you would need to rethink your collection strategy. Hence, what better way to make strategic business decisions than by backing it up with analytics. CollectXpress captures customer data to populate powerful dashboards and customer analytics.

Here are some interesting insights CollectXpress can offer:

  • The number of sales made during a specific time frame;
  • The speed at which your customers are paying;
  • The percentage of promises to pay kept;
  • The efficiency of your PTP follow-ups;
  • The duration of outstanding amounts per invoice, and many more.

These rich sets of reports and analytics can be used to forecast your company’s cash flow where you can anticipate and spot cash gaps allowing you to equip yourself and make better future action plans.

Besides, with CollectXpress intuitive dashboard, it also allows you to view and manage information in 360-degree view without spreadsheet pain. Lastly, you can also monitor your collection activities and performance in real-time, increasing your ability to identify trends, improve efficiency levels, and even spotting possible issues before it impacts your business.

Setting SMEs up to win and succeed in the long run

We love to solve problems and create solutions for you. We feel your pain and we want to set you up to win; not to be bogged down by cash-flow problems.

We believe that all SMEs should have the opportunity to harness the power of technology without the hassle. As long as there is internet access, everything from managing invoices, to collection activities, as well as making better business decisions are handled seamlessly in the only cloud-based collection solution that you ever need, CollectXpress.

What are you waiting for? Grow your business with us and save yourself from potential losses!

Email us at contact@juristech.net to get started today!

About JurisTech

JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.

By | 2021-07-30T14:15:28+00:00 17th March, 2021|Insights|

About the Author:

Laura Tsen is the Senior Marketing and Communication Analyst of JurisTech. She does digital marketing that includes SEO and SEM. She is always intrigued by the world of technology and how it creates a future with endless possibilities. Having a passion to create and build awareness in embracing digital transformation to impact and improve the overall lifestyle of our society.