OpusCapita now also offers collection services
OpusCapita has extended its Order-to-Cash services and now offers receivables collection as a continuation of its invoicing services. OpusCapita will offer all receivables management services in the Northern Europe as a single seamless process through one provider.
“There is plenty of choice on the market when it comes to collection services. However, OpusCapita’s collection service offers considerable benefits especially to existing customers that a service provided by a separate collection company would be unable to offer,” says Tero Niemi from OpusCapita.
“We see collection as part of our customers’ well-organized cash management and their Order-to-Cash process. For example, our receivables management collection service can be seamlessly added to the services we provide to our invoicing customers and those customers who have fully outsourced their financial management. This does not involve the transfer of invoicing data to another company, which is expensive and involves a lot of work,” says Niemi.
Collection can also support customer relationships
“Another significant benefit is that our receivables collection process does not endanger customer relationships. We are not a traditional collection company as we consider each customer’s business as a whole, we look after our own customers and we also look after our customers’ customers. This means that the companies involved are able to continue operating and the customer relationship will continue.
OpusCapita’s effective collection service, which also extends to looking after the customer’s customer relationship, is based on a service concept developed by Swedish company Kredithanterarna. The concept makes it possible to apply collection activities to each company’s individual needs and to various customer segments. Kredithanterarna is a successful company in Sweden and its ownership transferred to OpusCapita in the spring.
“The segment model and targeted communications are already being used in Sweden and the goal is to introduce the same way of operating to Finland in the future. We want to offer a standardized collection service in the Nordic countries,” says Niemi.
“However, customer care begins before reminders are sent and collection activities initiated,” he explains. For example, OpusCapita’s invoice sending service makes it possible to add messages that support the customer relationship to invoices.
Look after your receivables; secure your working capital
Niemi says that the continuing financial crisis has wedged companies between a rock and a hard place. They need to collect money from all over the world as quickly as possible, but are afraid that aggressive collection processes will lose them customers who are hard to replace in these testing times.
It is not wise to turn a blind eye to overdue invoices, though, as the longer a company waits the less likely it is to receive payment. The fact of the matter is that when a receivable has been overdue for 90 days, the likelihood that it will turn into a bad debt increases significantly.
“The collection service supplements our Order-to-Cash service chain, boosts the receivables cycle and strengthens usability of working capital,” says Tero Niemi from OpusCapita.