Use A Third Party For Successful Receivables Management
(888) 370-6026

Learn More

Getting The Money You’re Owed: Why A Third Party Matters, A Lot!

SHARE

Here at Funding Gates, our mission is to get you the money you’re owed- fast. Our software is designed to make the process of chasing down past due invoices as painless and successful as possible (less work required and even better results). A key component of our platform’s strategy and process is sending payment reminder emails to your clients about their current or past due bills. While the email’s carefully selected content is a key component, we also want to point out a little psychological trick we apply to the emails: our logo.

Busy small business owners should seriously consider using a third party for successful receivables management. Including a third party logo in your correspondence with your past due client has a similar effect to using a professional collection agency, but without the negative stigma and without a losing a percentage of the past due invoice (win:win).

The mere addition of a third party to your business transaction has the subtle psychological effect of creating an added layer of accountability, signaling a tactful escalation, and conveying that you mean business, serious business. Should the past due invoice eventually require being sent to collections, all the correspondence stored and organized by The F|G Receivables Manager will also help bolster your case, increasing the chances of a quick and successful resolution.

 

Accountability

The presence of a third party causes individuals to feel a greater sense of accountability- as if an extra pair of eyes is also watching them. An enhanced sense of accountability causes the invoicee to feel increased pressure, and results in greater success obtaining payment. You also gain a slight psychological advantage by having the presence, support and expertise of a second party, while your past due client is going it alone (two against one).

 

Escalation

Funding Gates is not a collections agency, so your affiliation with our software will not signal dramatic action. Instead, our CRM and invoice management software is a subtle way to escalate the situation, one which does not endanger your business relationship for future business. Utilizing our Accounts Receivable management and debt collection software is the perfect happy medium between a lack of a confrontation and a last resort action.

You Mean Business

By demonstrating that you are organized and on top of your Accounts Receivables operation via our organization and management software, you immediately signal to your client that they cannot “skate by” undetected. You simply won’t miss a beat. So many businesses are stuck in the stone age of Accounts Receivables, using excel sheets or worse, handwritten records! Using The FG Receivables Manager app will let your client know from the very beginning that you’ll be monitoring your invoices closely. Once an invoice is past due, the reminders sent from the Funding Gates app continue to reinforce that message, with even greater emphasis. Most late-paying customers do so only because they think it will go unnoticed, or feel confident that they can remain undetected for a significant period of time.

Strengthening Your Case

When an invoice does need to be sent to collections, having a complete and organized record of your correspondence and collection efforts via the Funding Gates app will greatly bolster your case against the delinquent customer. By having all the necessary information and background data readily available, the collections agency will also be able to move quickly to try to recover your debts. The F|G Receivables Manager comes with a direct line to one of the most successful and carefully vetted debt collection agencies in the country, so the process of sending an unpaid invoice to collections couldn’t be easier. Our pre-existing relationship with the collections agency will also help your collections process move along rapidly.

There are many advantages to using our debt-collection and client relationship management app, but our ability to tip the scales in your favor is the only one that really matters. We’ve done the research, crunched the numbers, and spoken to many small business owners about their debt collection processes. Your receivables management can be dramatically aided by the presence of a third party.

 

Making Payments Easy

For the convenience of all involved, the payment reminder emails sent out from our AR management platform not only have the detailed invoice attached, but also several different buttons and links to accept payment. Research consistently shows that business owners prefer to use online payments for their bill paying needs. Additionally, providing online payment options reduces the average time it takes a customer to pay the invoice.

Your customers will find “view/pay” buttons of our payment reminder emails visually pleasing and they will encourage them to take action on the past due invoice immediately.

 

Access to Capital

We recently added one of the most successful, app-only, features to the collections process. Our mission is to get you paid, fast. To help your customers pay you back even more quickly, we’re delighted to introduce a new “Financing” button to our payment reminder emails.

Through our new lending partner, Kabbage, your customers will have the option to get easy and instant access to the capital they need to pay you back. Kabbage is a trusted lender, used by over 100,000 American small businesses.

The new “Financing” button will automatically appear within our standard payment reminder templates. It’s an easy process, gives your customers instant capital, and will help them pay you back even faster.

 

Try introducing a third party, like The FG Receivables Manager, to see how you can get the money you’re owed, fast, while keeping your business relationship intact.

 

Stay up to date on all the latest best practices for small businesses by signing up for the Funding Gates Blog newsletter and following us on Twitter and Facebook!

The Best Small Business Advice, Delivered!
Get our blog posts delivered right to your inbox each week!

Share us with your friends!

Tags:

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *

Get invoices paid faster. Avoid collection agency fees. Automate the entire debt colection process with Funding Gates, the world's first CRM platform for all your receivables needs.