With many organizations today trading on credit to help drive sales and improve competitive advantage, particularly in the B2B industry, there is significant risk of payment delay for invoices involving trade credit.
Such delays are harmful to cash flow and could result in the invoice eventually being written off as uncollectable. This issue was exacerbated by the Covid-19 pandemic, which resulted in average payment times that were two to three times higher than in 2019.
It is critical that organizations take steps to optimize credit and collections processes in order to minimize risk and secure their cash flow. This white paper, produced by Esker, shares five strategies and tech tips for implementing a best-in-class digital credit and collections process.
Download this white paper to uncover:
- How a clear credit policy can increase the efficiency of the credit management process.
- Why you should keep an eye on existing customers.
- How standardizing rules and guidelines promotes flexibility and adaptability.