Research shows that after 60 days, 85% of unpaid invoices are recoverable, after 90 days it's 75% and after 12 months there is only a 25% chance of recovery.
THE SOONER YOU START RECOVERY ACTION THE GREATER YOUR CHANCE OF GETTING PAID!
This collaboration provides Prism clients with direct (should it be required) access to well established, and specialised industry debt recovery services.
Their business is resolving your debt problems
Thoroughbred Recoveries has established long and extensive relationships with trainers, equine vets and breeders within the industry. This experience means they understand the importance of achieving amicable solutions as today’s debtor is tomorrow’s client.
How Thoroughbred Recoveries’ services work with Prism
New debt recovery features within Prism and this collaboration with Thoroughbred Recoveries seek to offer clients a simple and efficient way to recover debts.
First, Prism Finance users are now able to send a Letter of Demand on Thoroughbred Recoveries letterhead to selected debtors, with the click of the button. This Letter of Demand is the first step towards recovering monies significantly overdue from a debtor who has not responded to regular statements and reminder notices.
Second, Prism now offers an improved method to manage the debt recovery process. Amounts demanded from selected debtors, along with email and payment status, are clearly recorded. Against each debtor, accounts receivable staff and record notes and/or payment terms, or close the debt recovery process.
Third, if the debt is not collected within 14 days, Thoroughbred Recoveries can be quickly retained to chase and recover the debt. All relevant information about the debtor is passed to Thoroughbred Recoveries. This process reduces administration time in collating data and offers a simple and efficient way to recover debts.
Further, if it is necessary that debt be escalated to legal, Thoroughbred Recoveries will then work with their partnered law firm, Morgan + English Commercial Lawyers, to pursue the most appropriate legal avenue.
Thoroughbred Recoveries are local, and provide services Australia wide
Thoroughbred Recoveries are local and do not outsource or send debts offshore. They pride themselves on a personalised approach, building and maintaining relationships with their clients and within the industry.
Experience shows that the best recovery results are achieved the quicker you get onto a late payment. Thoroughbred Recoveries are experts in this industry to help you.
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Prism Finance subscribers need to opt in for this feature to be enabled on your account. So if you would like to start sending letters of demand, and then optionally retain Thoroughbred Recoveries to chase debts owed to you, please email us at sales@prism.horse.
