Managed Credit Terms
TermSync’s Managed Credit Terms solution is ideal when introduced to customers at the time terms are discussed. This is typically done at the time the customer fills out a credit application or signs an engagement letter or contract. We put a process in place which allows your customers to retain the control they require and leads to faster payments and increased visibility for you. Some of the key features include:
- If your customer breaks terms, they must proactively provide a reason why. They are the ones breaking the terms you both previously agreed to. It’s only fair that they take 30 seconds and tell you why.
- Customers sign an ACH authorization at the beginning. We tailor the authorization to your company. An example form can be viewed here.
- Customer adoption is much higher than other solutions because of TermSync’s third party approach.
- Most of our clients use our Managed Credit Terms for their new customers and ones who have historically paid slow. They then use our Automated Notifications for all of the rest of their customers with the goal of getting everyone on Managed Credit Terms over time.
- A printable summary of the Managed Credit Terms solution can be viewed here.
- TermSync also offers Payment Plan solutions to help with customers who are currently past due.
- Please contact us to receive additional information or schedule a demo.
Automated Notifications
TermSync’s Automated Notifications can be used with all of your customers from day 1 even if the customer is not yet signed up with our Managed Credit Terms solution. All we need is an email address. This process has led to faster payments and streamlined communication without the need for collection calls or threatening letters. Some of the key features are:
- Ability for your customers to perform several actions directly from the reminder. Some of the actions include: schedule a free electronic payment, file a dispute, view invoice details, and many more.
- Any action performed by your customer or message sent by you through TermSync is documented in a central location which both you and your customer can always view. This audit trail streamlines communication on both sides.
- Customers receive notifications of new invoices the day they are created
- Customers receive a weekly summary of all invoices due within the next 10 days or past due
- Customer notifications are bundled together to provide a summary of not only your open invoices but also any other vendors of theirs that use TermSync. This approach has shown to be a convenience to your customer and leads to faster payments for vendors in the TermSync network.
- Customers can proactively sign up for the Managed Credit Terms solution which can essentially be an autopay solution for them.
- Please contact us to receive additional information or schedule a demo.
Analytics and Reporting
TermSync’s Analytics and Reporting features allow clients to analyze A/R in ways not possible for most accounting systems. Many accounting systems have the data but too often users have to manipulate the data and combine several reports to get the information they want. TermSync was created by a CPA who understands what information is important to a receivables department. TermSync makes it easy to quickly view and analyze this information. Some of the features include:
- Dashboard reports detailing your entire open accounts receivable broken out into useful categories.
- Historical performance of your receivables broken out into different categories. We include common metrics such as Days in Sales but we also look at A/R in additional ways that have been shown to be more beneficial.
- Customer scoring to quickly identify which customers are taking advantage of your terms and should be added to the TermSync Managed Credit Terms solution.
- Create your own customized reports and filters on the fly.
- Reconciliation features and reports between your accounting system and TermSync. TermSync makes this interaction easy so you never duplicate efforts in two different systems.
- Please contact us to receive additional information or schedule a demo.