I work at a finance brokerage and do the accounts receivable (this isn’t my main role here). All invoices that are overdue are chased – and most pay. However after 30 days we send final emails with further deadlines before going to court. From this 30 day point I have recovered around £60k in 40 weeks which would have otherwise just disappeared.
I’ve been thinking about offering this accounts receivable service to other businesses. Raising or just chasing payments. I understand there are platforms that can do this automatically, but some still see value in a more personal approach.
Thinking a simple pricing structure of a few hundred £ per month chasing 15-25 invoices or so. Is this still plausible in the current tech age? Could easily start building out a platform after getting some clients. Seems the natural organic way to do it
Posted by Love_Papaya
2 Comments
I’d look into established invoice factoring service companies and find ways to differentiate yourself from them. I think you’ll be competing with them for similar search phrases.
You’re talking about account receivable management aka debt collecting. Hardly a novel or brilliant or fun idea for a business.