Outsourcing allows organizations to be more efficient, more effective, and to reduce costs. Outsourcing at least some of your accounts receivable process can give you access to resources your company can't otherwise afford: best-in-class reporting mechanisms; state-of-the-art technology; and additional, well-trained support staff. More high-quality resources mean more consistent follow-up with your customers, and that translates to quicker payments and improved cash flow.
What kind of accounts receivable programs does Hartford Meiers offer?
Hartford Meiers' account receivable treatments are completely customizable. We can begin contacting your customers before their accounts reach the due date, to ensure shipments arrived timely and there are no issues to delay payment. Or, we can begin a program after payment is past due, to help resolve disputes or invoice discrepancies and ensure that your bill stays at the top of your customer's payment list. Treatments can consist of any number of outbound calls, letters, faxes and email, as well as inbound customer service support.
Why should I trust a third party to handle my customers?
One of Hartford Meiers' primary goals in transparently managing your receivables is to become a virtual extension of your credit department and treating your customers the way you would treat them. We work hard to not only ensure you receive payment, but to enhance your relationship with your customers through efficient, accurate and courteous customer service support.
Hartford Meiers' customer service representatives (CSRs) undergo an extensive training and certification program that focuses on courtesy and professionalism, listening and understanding, problem solving and conflict resolution. Before CSRs are allowed to make their first live contacts with your customer, they must pass project requirements and skills observation tests. After initial certification, collectors undergo periodic Transaction and Call Monitoring reviews to ensure they are adhering to all project requirements and customer service “best practices.”
How will Hartford Meiers' representatives contact my customers?
Hartford Meiers will contact your customers transparently. In other words, we will represent ourselves as calling from your company. Your customers will never know a third party is involved. And, because one of our goals is to enhance your customer relationships, they will always be treated courteously and professionally.
How will I know Hartford Meier is effective?
The best indicator of our effectiveness will be the results we achieve for you. You can expect a reduction in Days Sales Outstanding and an improvement in cash flow and customer satisfaction. Regular updates will be scheduled with you to review our progress toward achieving the goals set forth in the Service Level Agreement/Scorecard jointly developed with you. Additionally, you will be able to view the actual handling on each account, as well as statistical reports on your entire portfolio through a secure Internet web site.
What kind of reporting does Hartford Meiers provide?
Hartford Meiers provides reporting that is flexible and provides a wealth of insight and essential intelligence into your customer portfolio. Some of the elements routinely tracked and reported are: aging information; collection activity; revenue information; critical business intelligence (root causes of delinquencies and disputes); account detail; DSO; and customer satisfaction/dissatisfaction.
Statistical reports, in Excel pivot table format, are sent to clients weekly. They include aging summaries with drill-down capabilities, payment forecasts, graphical analyses, and more.