Many companies have established strong partnerships with third parties to support their daily collections activity. While most of us associate these companies solely with collecting bad debt, in reality, they specialize in collections and can aid you across every stage of your AR process.
When selecting a third party, companies evaluate multiple criteria:
- Experience
- Credentials
- Customer-Service Focus
- Security
- Credit Reporting
As the relationship between a company and their 3rd party evolves – it may become apparent that sharing more data with them helps deliver better results.
The question becomes: How much access does my third-party need to drive receivables?
Consider the priorities that are important to your chief financial officer (CFO) and chief financial officer (CIO) when building a case for increased third party access. Billtrust Consulting has created the following tables to clearly show the advantages of providing third-parties with system access, and the challenges you’ll need to consider.
If you’d like more information or to consult with one of our collections experts, contact us to learn more.
