PTX Cash Collection Services

Manage your cash collections with a multi-channel, centralized platform

PTX Cash Collections

An unpaid invoice can have a significant impact on commercial operations. For example, it may lead to a reliance on drafts or financing arrangements that incur extra costs. It can restrict a business's ability to pay staff or suppliers, and ultimately it could push companies into negative cashflow, placing investment and growth.

PTX Cash Collections provides a centralised multi-channel platform for full visibility over your cash collections. It is a comprehensive solution that allows you to proactively manage the full collections lifecycle from onboarding a new customer to successfully receiving payments.

It facilitates greater control over cashflow, and enables proactive and preventative action to be taken so that a higher volume of collections can be made within the agreed terms of business.
 

Impact of Late Payments

• The average small company is owed £32,000, incurring additional average costs of £677 per month²

• Larger companies are owed  £9.1 billion. For companies with  fewer than 250 staff, it rises to £32.4 billion³

• 59% of all businesses and 53%  of UK SMEs are owed money  from late payments⁴

• 20% of businesses are owed more than  £25,000 in late payments. 8% are owed more than

• £100,000⁵

• Small businesses are  owed £26.8 billion by larger firms⁶

Business Advantages

PTX Cash Collections offers a complete solution for improving the efficiency of your cash collections, whilst addressing typical issues faced by receivables and credit control teams, such as non-payment, payment delays, regular excuses and repeated late payments from the same customer.

Organisations can also manage the full range of collection channels such as Direct Debits, card payments or online payments, with the same degree of efficiency and control.

PTX Cash Collections is easy to use and intuitive. Automating time-consuming manual processes expedites the collections cycle and enables receivable teams to act smarter and faster by focusing on the items most at risk.

Reducing the number of late payments will mitigate the risk of outstanding invoices developing into bad debts. By enabling a more proactive approach, organisations typically receive cash earlier within the credit period.
 

The Cash Collections Lifecycle

PTX Cash Collections enables you to manage all aspects of the collections lifecycle from a single platform. It offers sophisticated capabilities that help address the most common and urgent tasks facing finance and credit teams today. 

Due Diligence

When entering into new commercial relationships, it is vital for organisations to conduct stringent checks. PT-X Cash Collections enables you to perform a wide range of diligence activities during the onboarding process to establish creditworthiness and evaluate any potential risks.

Validating card and bank account details as well as verifying customer identity in real-time, simplifies customer onboarding whilst minimising risk and fraud, reducing errors, and ensuring regulatory compliance.

Proactive Activity

Tracking the invoice lifecycle

PTX Cash Collections enables you to manage the lifecycle of all invoices from document creation to fulfilment, either electronically or in printed form. It also offers a flexible and efficient outsourced printing and postage service which can save up to 50% of the cost of doing this in-house.

Invoices can be sent as links to download via a self-service portal. Invoice delivery and engagement can be tracked, giving you invaluable insight into cash at risk. It provides an immediate overview of invoices not acted upon, or in some cases even delivered.

This empowers the collections team to take proactive remedial action. PT-X Cash Collections eliminates many of the traditional excuses for non-payment and encourages a collaborative approach to resolving invoice questions and disputes. Copy invoices can be accessed by both parties in real time.

Managing Direct Debits

PTX Cash Collections offers a paperless, highly resilient, cloud service that allows you to automate the onboarding and management of the Direct Debit (DD) collection process from data capture and validation through to processing, reconciliation and reporting.

It is available as a fully outsourced Direct Debit management service or as hosted capture screens via a website for online self-signup.

It enables full compliance with Bacs Direct Debit scheme rules and offers upfront bank account validation and verification, both of which eliminate costly errors at source, ensuring minimal impact on aged debt.

Card Payments

PTX Cash Collections provides an omni-channel payment platform that helps to simplify and automate manual processing for card collections. You can immediately complete a transaction and take payment according to the profile and preferences of the customer established during the diligence stage.

Now you can manage one-off credit and debit card payments; set up continuous card authority for recurring collections or take a card deposit with subsequent payments via Direct Debit.

It is well-suited to regular monthly subscriptions, de-risking immediate service instances such as insurance policies or as an alternative payment method to Direct Debit.

Tackling Aged Debt

PTX Cash Collections provides support for traditional invoice management activities such as aged debt reports, collection notes, and statements. It allows you to shift paradigm from dunning letters to more targeted proactive activity.

PTX Cash Collections gives you more visibility of potential issues, allowing efforts to be prioritised on the items that will have the most impact on the business, such as large outstanding invoices.
It maintains a detailed audit history of all communications and interactions relating to each invoice, should it be required for legal purposes.

PTX Cash Collections enables you to maintain tighter control and visibility over cashflow and reduce financial risk. Convenient self-service capabilities and a collaborative approach to cash collections improve the customer experience and make it easier for invoices to be settled.

^{2 Source: Bacs
3 Source: Bacs
4 Source: Zurich Insurance Group
5 Source: Zurich Insurance Group
6 Source: Federaton of Small Business}