What is automatic debt chasing: A automated method of monitoring and managing payers who owe money that can send out reminders according to customisable steps set in the system.
Why use automatic debt chasing: It allows the collation of all users with debt into one menu where money owed can be easily monitored, as well as enabling the ability to chase payment across escalating steps using custom email templates.
How to setup and use automatic debt chasing:
Follow these steps to setup this feature-
- Before beginning, you will need to set up the email templates that you wish to use for each step in the process – navigate to the 'Email & Communications' menu under 'Communications'
- Click onto the “Global” tab, and then click “Create New” to load the message composer.
Give your template a name and fill in the message with the text you want to display – Remember to include the relevant merge fields of information for each payer, once done, click 'Create'.
- Repeat this for as many emails as you want in your process, adjusting the message for each one.
- Next, navigate to the 'Debt Chasing Configuration' menu under 'Finance' in the 'Settings' menu.
- Click 'Add Step' to create your first option
Name the step accordingly, set the number of days the invoice must be overdue for it to trigger the reminder and then select the relevant message template (one that you have just built) before clicking 'Create'.
Note: You can set reminders to be sent before the invoice is overdue if you want
- Repeat this for as many steps as required.
- Once you have setup all the steps needed and are ready for the system to begin, switch the 'Automatic Debt Chasing Settings' button to 'Yes'.