â€œThe pen is mightier than the swordâ€œ. According to google this phrase was â€œcoined â€œby Edward Bulwer-Lytton for his play â€œRichelieuâ€. This is something I regularly quote when I hear many horror stories about people â€œkillingâ€ people over money owing. It is a very emotional issue!
I recently went to help a business owner based in Concord in the telecommunications industry. He had $380,000.00 that was more than 90 days overdue. Remember, the older the debt the harder it is to recover! They were sick of being treated like a bank to fund their customers and were struggling with their cash flow.
So working out a solution to address their problem has resulted in my customer implementing Terms of Trade and Veda into their business. The result is they now monitor customers for credit worthiness and are protected legally by Terms and Conditions of Trade in the event of non-payment by a debtor. They now are also able to save time by not having to chase debts because if they are overdue EC Credit Control steps in to chase these up automatically with the debtor liable for the associated collection costs! And surprise, surprise their cash flow has improved significantly too!