5 Ways Credit Control Automation Can Help Your Business
Claire Staunton
August 18, 2022

5 Ways Credit Control Automation Can Help Your Business

In general, automated communication is a powerful tool for companies in the insurance and finance sector. In this article, we will focus primarily on credit control automation so that you will have access to all the necessary information and gain an understanding of how it can help transform your business.

What is credit control automation?

Credit control automation is a solution that includes monitoring customers’ payment statuses and motivating them to pay outstanding bills by using automation software. The automation takes care of document management and carries out the debt collection process without any manual handling.

It is essentially a reminder or a series of email or SMS messages reminding costumes about the invoice. However, you can also enable a reminder to be sent to one of your agents if you also want to involve chasing customers by phone calls. This practice can be used, for example, as a final reminder if the email or SMS chases are not successful.

Examples of credit control automation

Credit control automation can vary based on your preference. You can either provide customers with all details about the policy and payment instructions, including price, date and reference number or keep it as a simple reminder asking for a callback.

Here’s an example of a credit control automation email from Kennco:

An example of a credit control automation email from Kennco

Reminders can also be sent via SMS. Text messages usually have an even higher open rate, and when combined with email, can generate even better results for your business.

Here’s an example of a simple SMS reminder from Kennco:

An example of a simple SMS payment reminder from Kennco Insurance

How can it help your business?

1) Improve your cash flow

The main function of credit control automation is to collect all unpaid bills so you don’t miss any business opportunities. All reminders will be sent on time, and the entire process will be much faster compared to doing this manually. By preventing late payments, credit control automation reduces your debt and improves cash flow. 

2) Build better relationships with your customers

Reminding your customers of unpaid bills doesn’t have to be necessarily an unpleasant process. Your customers might appreciate your reminder messages as they don’t want to end up in a situation where they’re not covered because they simply forgot to pay the invoice. 

Remember to keep a personal touch in your credit-control messages and give customers the opportunity to reach out to you. Even if the messages are automated, they should still look like a human wrote them.

3) Eliminate human errors

Even if you check your email message several times before sending it, you can still make mistakes, such as; typos, writing wrong numbers, forgetting attachments, or chasing the wrong customer.

With a correctly set up automation, you can avoid all these errors easily. The software will follow the same pattern every time and use only the information provided by your customers. There is no manual typing or data transfers, thus preventing errors in your communications and also any potential data loss. Using automation is a much more accurate and secure way of handling credit control. 

4) Save time

Following up with your customers on missed payments manually can take up a lot of your time. Credit control automation helps you streamline processes to save more time on administrative tasks and focus on your clients, strategy, and what really matters to your business.

5) Have more organised data

In addition to the benefits stated above, credit control automation can also help you organise your data and provide a single customer view, giving you a better overview of your customers and their debts.

In Circulator, we provide our clients with credit control automation by email or SMS and many more advanced solutions that help you generate more revenue and increase your return on investment.
Learn more about our solutions here.

You can also visit our blog for even more tips.

Please contact us to discuss the best communication solutions for your business.

Privacy Preferences

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. Blocking some types of cookies may impact your experience of the website.
Privacy Policy | Cookie Policy

These cookies are strictly necessary to provide you with the services and features available through our site. Because these cookies are strictly necessary to deliver the site, you cannot refuse them without impacting how the site functions. View Cookies

Always active

These cookies are used to enhance the functionality of the site. These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.

These cookies are used to make advertising messages more relevant to you and your interests. They also perform functions like preventing the same ad from continuously reappearing, ensuring that ads are properly displayed, and in some cases selecting advertisements that are based on your interests. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.