At Bluechip Collections, we understand the importance of efficient cash flow management. That’s why we offer comprehensive Accounts Receivable (A/R) services to Australian businesses, designed to streamline the collections process and help businesses recover overdue payments quickly. Our A/R services take the burden of chasing payments off your shoulders, allowing you to focus on growing your business.
We handle the bulk of the A/R process, including both the initial follow-up and debt recovery after 21 days of non-payment. Here’s a closer look at how our A/R services work, what we manage, and how we help businesses manage their overdue accounts while staying compliant.
What We Do in A/R Services
Bluechip Collections offers an array of A/R services to ensure your business’s overdue accounts are addressed professionally and efficiently:
- Initial Payment Follow-Ups: We begin by following up with clients who have overdue accounts, sending reminders and contacting debtors to ensure timely payments are made.
- Client Communication: Our skilled team handles direct communication with clients, discussing overdue balances, payment options, and helping negotiate solutions like payment plans.
- Payment Arrangements: We facilitate payment arrangements with your clients, offering flexible options while working to recover the full balance.
- Comprehensive Reporting: Our clients receive regular updates and detailed reports on the status of their overdue accounts, including payments made and any new arrangements.
The 21-Day Follow-Up Period
For businesses with overdue accounts, we initiate a series of follow-ups during the first 21 days after the due date. During this period, our team works diligently to remind debtors about their outstanding balance, engage in discussions regarding payment, and set up payment arrangements if necessary.
If the debtor has not made payment or responded to our efforts within the first 21 days, Bluechip Collections escalates the matter to our debt recovery team.
Debt Recovery After 21 Days: Moving Beyond the Initial Follow-Ups
When an account has not been paid after 21 days, we transition from standard A/R follow-ups to more assertive debt recovery measures. This involves:
- Legal Notices and Demand Letters: After 21 days of non-payment, Bluechip Collections can escalate the process by sending demand letters to debtors. These letters outline the seriousness of the situation and the possible legal consequences of continued non-payment.
- Debt Recovery Actions: At this stage, we begin the formal debt recovery process, which includes assessing the possibility of legal action or engaging a solicitor to begin proceedings if necessary. Our goal is to recover the debt in a professional and timely manner, ensuring that the debtor understands the seriousness of the situation.
- Ongoing Communication: Even as the matter is escalated, we continue to maintain communication with the debtor, offering payment options and potentially negotiating further payment arrangements if appropriate.
What We Don’t Handle: Invoicing
While our A/R services are robust, it’s important to note that we do not manage invoicing. We depend on invoices referred to us by the original creditor. Once we receive these invoices, we can begin our follow-up and debt recovery process. This allows us to focus solely on collections while you manage your invoicing and billing systems.
Why Choose Bluechip Collections for A/R and Debt Recovery Services?
- Expertise in Debt Recovery: Our team is highly skilled in both A/R management and debt recovery, ensuring that your overdue accounts are handled with professionalism and efficiency.
- Tailored Solutions: We work with your business to ensure our collections efforts align with your existing financial processes, providing a customised solution for your specific needs.
- Scalable and Flexible: Whether your business is large or small, we can scale our services to suit your needs. Our team adapts to handle the volume of accounts receivable and the complexity of debt recovery required.
- No Collection, No Commission: We operate on a “no collection, no commission” basis. This means you only pay us when we successfully recover the debt, ensuring you get value for your investment.
How Bluechip Collections Helps Your Business Thrive
By outsourcing your A/R and debt recovery needs to Bluechip Collections, you’re ensuring that overdue accounts are managed efficiently, professionally, and in full compliance with industry standards. We take care of the collections process, from initial follow-ups to formal debt recovery actions, so you can focus on growing your business.
Get in Touch with Bluechip Collections Today
Maintaining strong cash flow is essential for the growth and success of your business. Bluechip Collections is here to help you recover overdue accounts, from the initial follow-up period to formal debt recovery, while providing detailed updates every step of the way.
Contact us today to learn more about how our A/R services and debt recovery expertise can assist your business. Let us take care of the collections process, so you can focus on what matters most—growing your business.
