Collecting dues on time can be a daunting task for any business, especially from large businesses.
One of the well-known wholesale distributors from Hyderabad, who provides a diverse range of kitchen equipment, utensils, and crockery has been experiencing difficulty in collecting dues from their customers who are some of the large renowned hotels.
The wholesale distributor had learned about Recordent from one of their acquaintances and joined the platform to improve collectionsRecordent is a technology platform that assists businesses in improving collections and reduce the risk by providing insights into prospective customers' payment history.
After the dues are submitted on Recordent platform by the wholesale distributor, the engagement team had notified customers about their payment history through SMS, IVR, and emails. Besides regular notifications to the contacts shared by the wholesale distributor, Recordent engagement team had also conducted an exclusive secondary research to identify key decision makers to expedite collection process. Through this process, Recordent notified key people of these large renowned hotels on their pending dues with the distributor via email alongside educating about how Recordent reports work on tracking payment history.
Most small businesses do not find collecting dues from larger companies to be a pleasant task. Handling both customer dues and maintaining a proper relationship requires a great deal of risk and effort. However, with help of Recordent, the wholesale distributor was successful in collecting more than 50% dues from the customers within 18 days after the dues are submitted. Since then, the wholesale distributor has become an active member of Recordent, by regularly updating their customer dues on the platform and improving their collections on time.