CHOCC Guide (Client handles own credit control)

At Sonovate, we understand the crucial role efficient debt management plays in your business's financial well-being. We're here to guide you through our Credit Control and Accounts Receivable processes, ensuring a seamless journey for you. 

Cash Allocation –The Heart of Debt Management:

• Timely allocation of cash is crucial. As you manage your debt through your own credit control processes, we rely on you to provide daily allocations.
• In cases where clients pay you directly, your open communication is essential to keeping our operations running smoothly.
• Access to cash receipt and allocation reports is available through our self-serve platform. Importantly, cash visibility is provided to you before it's even uploaded and allocated.
• We aim to upload cash one working day after receiving it, and it's allocated based on the date of receipt, so delays won't affect your debt turnover

Funding Limits and Potential Delays:

• It's important to note that our capital system recognises only allocated cash, and unallocated cash will affect your exposure.
• Delays in cash allocation could impact your ability to access funding, especially if you're nearing your agreed-upon funding limits.
• Our capital system automatically holds any debtor at their funding limit.

Debt Management - Staying Ahead:

• We require a detailed cash allocation breakdown by 10:00 AM (UK time) the following day to ensure quick and accurate allocations.
• Additional remittances should be consolidated into a single email sent by the close of each business day to ccsupport@sonovate.com.
• Delays in allocation may affect your potential funding opportunities.

Escalation - When Matters Get Serious:

• We will initiate our credit control on invoices that exceed the agreed-upon 30-day trigger point.
• You will receive a notification seven days before any actions are taken, allowing you to make informed decisions.
• To continue funding invoices for a specific debtor, we must recover the triggered invoices from your next funding request.

Dispute Resolution - Timely Action Matters:

• Promptly report any disputed invoices or payment delays to our CC Support mailbox to ensure our records remain up to date.
• We grant a 14-day window to reach a resolution for any disputed invoices. After this period, we may recover the invoice(s) from the next funding request if no resolution is reached.
• In cases where a dispute is not upheld, we'll require a copy of the communication with the debtor for confirmation.

Credit Notes - Simplifying the Process:

• Should credit notes be necessary for funded invoices, please inform us at capital@sonovate.com and ccsupport@sonovate.com, specifying the related invoice for Sonovate to offset.
• Our service team will verify if the invoice has been funded by us and mark the credit note for deduction from the next funding request.
• Our credit control team will then offset the credit note value against the related invoice, which will then show as a part-payment against that funded invoice.