Unprecedented events like the current Corona-Pandemic pose challenges when you want to collect payments from business partners. Here, you’ll get expert advice on the best things to do when collecting payments.
COVID-19 has had an impact on many parts of life and business around the world. Accounts receivable and payment collection is no different. Especially in situations like these, there’s a high risk you will be spending more time than usual collecting payments.
But just how should you go about collecting the money you’re owed when we are in the middle of worldwide pandemic?
This is a question we set out to answer at xChange. So, xChange’s Vinicius Camargo, Finance Manager at xChange and the man behind the xChange Wallet, hosted a webinar with Robert Andreu from Hunter Warfield. To answer exactly that question.
You can see the entire webinar below and get all the tips on how to collect payments when you find yourself in unprecedented events. As well as getting a few tricks and tools to assess your current receivables most effectively 👇
Preparation, preparation, preparation
Singled out as the most important factor is communication. If you have communicated well with your business partner in the past, collecting payments now will be a whole lot easier. Positive and proactive calls before the payments are due, creates contact with the business. An essential part of a good business relationship, which will also make payment collecting easier.
If you want to know how those calls should sound like, listen to the webinar above. And hear the fictive conversations between Margaret and Billy Bob👆
Another touchpoint in the webinar was preparation. According to Robert Andreu, it is important how you work with new customers. When the customers are new, is the time for you to lay the foundation for one of the most important tools you will have in situations like these.
“Do you have credit applications for customers that receive 30-day terms? I understand that some customers get funny about completing credit applications, but let me ask you to think about the last time you received open terms (credit), from a bank, from a retail store, to purchase a car, etc without completing some sort of credit application,” he said and continued:
“Another tool is a personal guarantee. A personal guarantee provides your business with another avenue to collect your money in situations when your customer has ceased operating.”
The easy way to always have an overview
Under normal circumstances, it can be tricky to have an overview of one’s receivables and payables. That is something xChange’s Vinicius Camargo have experienced on the platform:
“We saw that the customers had a few challenges when managing their receivables and sometimes even their payables they had with other customers doing deals on the platform.”
And that is under normal circumstances. When we then at the same time must face an event as the Corona-Pandemic the normal overview of business transactions can falter.
At Container xChange we wanted to find a solution. And a solution did Vinicius Camargo come up; The xChange Wallet.
With the xChange Wallet, you only have one invoicing partner – xChange. You receive one consolidated invoice from xChange. xChange will then make sure all your partners are paid.
xChange takes care of all credits and charges – even transactions you have agreed to outside of the xChange platform.
Want to know more about the xChange Wallet? Yes! Then click on the banner below and learn more.