What is ezyCollect?
ezyCollect can be identified as a complete Account Receivable Platform, which was specially made with the intention of saving time & reduce the complexity involved in the payment collection process. It was designed by Jimmy Cooper, Aj Singh & Raj Kuckreja in the year 2014. Currently, its’ customer base consists of thousands of small & medium businesses. It is a secured, cloud-based software that, enables users to manage late payments. Most importantly, ezyCollect focuses on companies who are keen on their cash flows and dealing with bulk of invoices. Further, it can be used by manufacturing industries to services organizations to experience a seamless AR managing platform.
Services offered by ezyCollect
1. Accounts Receivable workflow
The main purpose of joining hands with ezyCollect is to get the payments for invoices promptly. It will enable organizations to function smoothly by maintaining an accurate level of working capital. ezyCollect predict customers’ paying pattern and help the organization to get the payments anytime without any delay. Further, it will increase the productivity of the employees by automating the Accounts Receivable function.
2. Online Payments
ezyCollect enables users to receive the payments for the invoices not only on or before the due but also on the date that the invoice has been issued. Its’ “Pay Now” option reduced the unnecessary log-in requirements and provides convenience for the customers. Further, its’ email reminder facility and text messages facility add more value to the software.
3. Credit Insights
ezyCollect categorizes debtors into different risk groups by using internal data sources and with the help of illion, Australian credit reporting bureau. This categorization help organizations to identify high risk & low risk debtors and link their credit risks directly to the dashboard. ezyCollect provides real-time alerts for high-risk debtors and practical management actions to mitigate risks associated with debtors. Further, it will change the status of debtors accordingly and provide credit risk reports for further reference. These credit insights will help companies to avoid losses (bad debts) by adjusting their credit policies.
4. Credit Applications
Live risk reporting & credit assessment features enable users to view the customers’ payment patterns instantly. Illion act as the foundation for all the assessing and evaluation activities. Customers can submit completed online credit application forms and ezyCollect will immediately request information from illion on behalf of the organization. Further, company will receive a notification for every submitted application. Companies will instantaneously receive credit scores, once they began the evaluation procedure.
Companies can attract low risk customers by changing credit terms accordingly (extended payment terms). Most importantly, customers get a clear understanding about the terms and conditions of the company even before they make a deal. Companies can decide whether to accept or deny the application based on the customers’ Late Payment Risk score, Failure Risk Score & credit reports.
5. Business Loan & Cash flow
Small & medium businesses usually face cash flow problems, which will eventually create difficulties in settling payments. Although many businesses try to manage this situation temporarily through business loans, in many cases it only exacerbates the situation. The main reason for this situation is interest payment.
ezyCollect helps companies to solve their financial needs without taking business loans. This may seem like an unbelievable thing, but with ezyCollect, it has become possible. Its’ efficient Accounts Receivable features can reduce late payments by 11 days. The money thus obtained can be used as a solution to cash flow problems. According to ezycollect.com, a company with a $3.5 Mn turnover will receive around $105,000 earlier from late-paying customers.
6. B2B Pay Later
Companies can provide an instalment payment option for suppliers with the help of ezyCollect’s pay by instalments service. After evaluating the creditworthiness, debtors can use instalment-paying options by collaborating with a third party finance provider. This feature enables companies to get the payments promptly.
Integrations
ezyCollect has integrations with a lot of widely used business & accounting software such as Xero, MYOB, Advanced Business Manager (ABM), attaché, NetSuite etc.
Xero & ezyCollect
ezyCollect’s Account Receivable management features add more value to the Xero cloud accounting software.
Xero & ezyCollect integration provides a comprehensive view of Accounts Receivables with its’ focused dashboards, risk ratings, credit usage reports, Credit reporting dashboards.
Finally, it reduces the complexity involved in the collection process by providing demand letters & connecting with recovery agencies as needed.
Accountants & ezyCollect
According to tsico.com, 93% of companies have to deal with late payments & 47% of sales made on a credit basis are paid late.
This finding shows the difficulty of the debt collecting procedure. This process can be identified as a time-consuming task as well. However, with ezyCollect’s automated tools, accountants can save time & money. Further its’ “pay now” button encourages debtors to pay on time.