What is payment monitoring?

Monitoring of receivables are activities that consist of overseeing the repayment of all liabilities. This is to eliminate possible delays in payment. Using this service will allow you to track just a few days of delay. This quick reaction allows you to take immediate action to prevent further delays in repayment. For some time, only large companies decided to monitor. However, today it is a common facility used even by the smallest companies, including sole proprietorships.

The task of monitoring receivables

It should be remembered that monitoring is not yet a form of debt collection. It is a preventive measure to avoid having to start the debt collection process. The first stage of debt collection only begins when the debt is not paid, despite reminders and contact attempts. However, often an unpaid invoice is the result of human error, not malice. Therefore, monitoring of payments can avoid a lot of trouble.

Monitoring also ensures good reputation and unshakable image of the company. Lack of control over payments, leading to bottlenecks and loss of liquidity, can assign your company a reputation for not being able to control its finances. This can be problematic when looking to establish new partnerships.

Tools used in monitoring

All methods used are aimed at informing or reminding the counterparty of an upcoming payment deadline or the fact that it has just passed. In addition, such a message also includes a reminder about the obligation to pay, the account number to which the payment is to be made. If there is no response for some time, a request for contact is also included. The most commonly used forms of communication are:

• text messages or emails,
• telephone contacts and voice messages,
• calls for payment.

Other forms of contact are also possible. Taking them depends mainly on whether they are practiced regularly with a particular customer. Creating a sales register is also a good habit. It is a huge database of information about concluded transactions. Such a solution is an incredible facilitator of payment monitoring.

Benefits of monitoring

The main advantages of monitoring receivables are, of course, rapid identification and control over payments that may already be considered as threatened. Such taking care of business is not a complicated process. On the contrary, it consists of simple regular activities, thanks to which the company’s liquidity is never disturbed. Additional advantages of conducting monitoring are:

• high time savings,
• support and advice from a team of professionals,
• increasing the prestige and trust of your company,
• no delays in payments.

Moreover, the use of this service builds a certain discipline among all contractors of your company that will prevent future delays. Sending a signal of zero tolerance for dishonesty also highlights the high professionalism of the company in question. Even if small amounts are involved, monitoring still makes a big difference. Collected invoices can add up to quite a big problem. 

Ensuring comfort of work

The services of our law firm will ensure that you forget about keeping an eye on payment deadlines. We will take care of it for you, while you can devote yourself fully to your core business. This way you will have more will and time for development. Taking all the steps at an early stage ensures the highest efficiency. So don’t hesitate, contact us and we will provide you with a plan of action and take care of timely payments to your account.