Get paid on time
LIKE many sole traders and small businesses, getting paid on time for your hard work is a pitfall of the job that most tradespeople face.
And with neither the time nor desire to spend hours on end chasing up unpaid invoices, it is often a problem that is either put up with or outsourced at a high cost.
It is an issue that Sydneybased business expert Arjun Singh has experienced firsthand and what prompted him to start ezyCollect with his co-founder Raj Kuckreja.
The debt collection company helps small and medium-sized companies get paid faster with services such as automated follow ups and consolidated reminders.
With a recent Dun & Bradstreet study that showed more than 90 per cent of businesses fail due to poor cash flow, Singh says it is crucial that businesses are paid on time.
“The way to get paid faster is through persistent polite follow up,” he says.
“We had a customer who had about an average of 40 per cent overdue payments.
“Within 60 days that went down to 2 per cent and that’s been consistently maintained for six months.”
EzyCollect uses a blended approach of emails, SMS, letters and scheduled phone calls to take care of a business’ debtor management.
It also integrates with accounting platforms, enabling a business to get started with minimal data entry.
Singh says the system had been popular with many tradespeople, which they can also use to get people to pay for their services straight away.
“We’ve built in a payment service where if you are at the customer’s site, you can give them your phone and it comes up with a payment page,” he says.
“The customer can type in their credit card details and pay then and there.” Find more information at ezycollect.com.au