Magazine article Business Credit

Getpaid

Magazine article Business Credit

Getpaid

Article excerpt

GETPAID[TM] Software

In today's business environment, productivity and efficiency are key factors in the success of any credit department. Due to decreased budgets and increased workloads, there never seems to be enough time to handle the workload. Vast amounts of time and energy are wasted moving from A/R reports to spread sheets to word processors in order to prioritize problems and solve them. A system that would help prioritize A/R information and then help in the collection process is a need of every credit department. It is this A/R analysis and collection guidance that is at the heart of GETPAID software.

The software takes A/R information from your current system each night and does an analysis on the information. In the morning the system will present a summary of work needed to be done that day based on strategies defined by your organization's credit department. It also provides a comprehensive statistical analysis on the A/R information. The analysis shows not only the amount in each aging bucket, percent and direction but also the number of customers, balance, percent, and direction for each stage of the collection strategy. The system also provides by customer types that are past due, amount, percent, direction, weighted average, and number of customer.

The strategies your credit department defines by customer type and balance are a key component in GETPAID's collection process. The strategies are a mixture of faxes, letters, and phone calls. The system provides good pre-installed faxes and letters but customized faxes and letters are not a difficulty. The user can view each fax before sent or letter before printed or just have the system process the faxes and letters in batches. For phone calls, the system will dial the customer's phone number then prompt the collector as to what to say and how to answer excuses, all the while taking notes.

While reviewing GETPAID, I was impressed with all the information it provided and the ease with which I was able to navigate within the system. This system is a big step toward a paperless credit department since all the credit information needed for collections is in one location. While the software has numerous positive points there are some potential problems. The biggest problem is the initial setup. …

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