Debtsource clients are always asking for standard credit control letters. “What should the format be to notify a client of an account approved or declined?” or “What notification do I need to send to clients that are overdue?” or “Is there a final letter I can send the debtor before taking third party action?” These are important communications to your client that need to be handled appropriately to avoid unpleasantness. Get it wrong and you’ll soon have your sales director breathing down your neck! Debtsource has simplified this process for our clients, by adding a Standard Letters tab to our Debtman system. What’s more is that all your debtor’s details […]
“Business to Business credit is seen by many as one of the riskiest assets a company can hold, with numerous firms severely affected by late payments and bad debts.” According to Frank Knight, CEO of Debtsource, the consequences of slow or non payment include erosion of profitability from sales, and in some cases where margins are tight, profit may be eliminated altogether. “In instances where B2B credit is granted without careful consideration, the viability of the firm may be threatened, especially where cash flows are not strong enough to support losses or late payments.” In South Africa over 80% of B2B transactions take place on credit and this form of […]
Credit or the Latin word CREDERE means to be accredited or trust worthy! It requires trust in all its forms to extend credit terms to a customer. Ronald Reagan was once quoted saying “Trust, but verify”. Credit is based on trust! On entering the business world in the early 1980’s the Credit Application form was often thought to be a request for credit with credit being extended purely on the receipt of the completed document. But you need a Credit Application because: It provides vital information about the entity It is usually the only legal agreement you will have with your client It houses your terms and conditions It is […]
Debtsource is pleased to announce that it has been awarded a BEE Level 2 rating by an independent rating agency. The contributing factors to the rating included the help Debtsource offers to small black owned businesses as well as the charity work done with the Abraham Kriel Childrens Home.