The average payment term in Slovakia is 51 days, one of the highest in Eastern Europe, and almost 90% of companies report late payments by their customers. This situation leads to several problems, especially the reduction of liquidity. By using the new CRIF service, businesses will be able to reduce the overdue amounts of their B2B invoices, improve cash-flow, and avoid write-offs of uncollectible receivables.
Companies will receive details about their customers’ situation and will be able to underst and if the delay is due to insufficient availability of funds, disputes over the quality of delivered goods, incorrect invoice information, or if the buyer is using outstanding debts as a form of financing, as well as other indicators. Consequently, companies can operate by taking more appropriate decisions on cash flow and credit management.
Moreover, “Platby pod kontrolou” monitors due dates and manages invoices up to 60 days past due, sending communications by phone, email, SMS or mail.
