A Auto component manufacturer collected 7 months pending dues in just 3 days.

Problem

“Cash is King” is a common phrase that signals to most of the businesses to pay close attention to cash flow and it's management. Maintaining cash flows is not that easy and is often considered an arduous task especially when customers are not paying on time.

Cona

Similarly, a auto component manufacturing company was struggling with the collection of dues from its customers for more than 7 months.

They have come to know about “Recordent” through a webinar organized by Bombay Industry Association on 26th May 2021. The very next day, the auto manufacturer has become a Recordent member and submitted their pending customer dues.

Solution

After the auto component manufacturing company submitted their customer dues on Recordent, engagement platform sent notifications through SMS, IVR, and E-mail on 28th May 2021.The text messages shared with customers have URLS to their payment track reports. These Reports highlighted pending dues which can become deterrent to get access to better terms on credit or a loan in the future.

Outcome

In less than 48 hours from sending notifications to the customer, the auto component manufacturing company received 15 lakhs payment which is pending for more than 7 months. The entire process of registering on Recordent to collecting dues has happened in just 3 days. This is one of the fastest payments collected through the platform.

Apart from collecting dues, Recordent has also started turning the customer attitude towards positive payment history, who was defaulting payments for over 7 months. Finally the auto manufacturing company is now assured of collection of dues and a constant cash flow with help of Recordent.