SolarQuotes recovers $118k in 60 days
SolarQuotes’ fast growth meant invoices got neglected then bam all of a sudden cash got tight. Debtor Daddy helped the SolarQuotes team get on top of the situation and now there’s an extra $118,000 in the bank, and happy prompt paying customers.
Chantel and the team at SolarQuotes have been sourcing qualified sales leads for the solar industry in Australia for the past 10 years. Hundreds of solar installation businesses across Australia rely on them to keep their sales pipeline full while they’re off quoting and installing.
SolarQuotes have finely tuned their invoicing and payment processes to ensure their invoices get to the top of the pile when it comes to getting paid. Debtor Daddy has been key to their success.
Given the chance – customers were paying slow
“Without consistent follow up, customers typically become slower payers over time. We were looking for ways to automate our receivables management whilst maintaining a personal service” says Chantel, co-owner at SolarQuotes.
As SolarQuotes grew it became harder to maintain a consistent collections process. Customers were paying slower and an increasing amount of cash was being tied up in debtors.
On any given month it wasn’t uncommon to have a third of all invoices falling overdue.
The easiest way to make cash flow
Things had to change and so Chantel and the SolarQuotes team reached out to Debtor Daddy. What they found was it was surprisingly easy “from getting setup to ongoing support, the team at Debtor Daddy are brilliant. The communication is great and I’m never left wondering about the status of our receivables.”
Then Debtor Daddy set to work with carefully crafted automated emails and follow up phone calls that respected clients and took the load off Chantel and the team. “Debtor Daddy reminds and calls customers that I don’t have time to call. The result is that they pay faster.” says Chantel.
Debtor Daddy – just like one of “our team”
However, the decision to get Debtor Daddy on board wasn’t without its reservations.“I wasn’t sure Debtor Daddy would understand our business or treat our customers with the care they deserve. I was worried they’d be calling from an offshore and impersonal call centre. Thankfully, Megan, our Debtor Daddy receivables manager, took the time to learn about our business and our products. And after listening to her calls I now have no reservations about her contacting my customers at anytime.” says Chantel.
Happy customers paying quickly
“Reminder calls and emails happen automatically every month like clockwork. We get paid faster, our customers are happy, and I can spend my time on other things. One benefit we hadn’t anticipated is (thanks to Megan) calls can happen much earlier – at just 8 days overdue. This has been key, training our customers to pay on average 10 days faster and increasing our cash in the bank by $118k” says Chantel.
SolarQuotes’ success with Debtor Daddy has not only trained their customers to pay invoices faster, it’s also reduced their risk. Invoices more than 60 days overdue have been dramatically reduced by 75 percent in just 60 days.
$118k recovered in 60 days, thanks to Debtor Daddy
“If you’re not using Debtor Daddy to manage your receivables, I highly recommend you do. In just 60 days our investment of $345 resulted in an extra $118,000 in the bank, better service and happier customers.”
- Client SolarQuotes
- Date July 21, 2017
- Tags Services