Credit Control at Sonovate: Managing Financial Relationships

What does Sonovate Credit Control Team do for you? 

Our dedicated Credit Control team takes charge of managing the relationship between your company and your client's finance team. Our core objectives include enforcing your company's payment terms and policies, ensuring timely invoice payments within the agreed terms and conditions. Here's a closer look at our approach:

• Clear Terms and Actions: We make certain that your payment terms and actions are transparent and understood by both your customers and our credit team.
• Robust Credit Control Practices: We follow a well-established, robust set of credit control practices to maintain the financial health of your accounts.
• Tailored Approach: Our approach is tailored to meet the distinct needs and behaviours of each debtor, fostering effective communication and resolution.

Credit Control (CC) Processes:

• Account Verification
• Debt Management
• Aged Debt Monitoring
• Disputes Resolution
• Escalation Process
• Handling Misdirected Payments

Account Verification:

We initiate contact within 48 hours of the first invoice being sent to:

• Confirm our relationship with your agency.
• Validate contact information, including email addresses and payment details.
• Determine and confirm payment terms held by the debtor for your agency.
• Address any specific invoice/internal requirements to facilitate payment.

Debt Management:

We manage debt to ensure your clients adhere to agreed-upon terms, including:

• Sending monthly statements.
• Providing visibility and transparency of receivables data.
• Addressing potential issues and disputed invoices.
• Logging payment promises for accuracy and forecasting.

Aged Debt Monitoring:

If an account becomes a concern due to significantly aged debt, we proactively notify you to address potential funding issues. Additionally, we provide you with regular reports, highlighting unpaid invoices and cases where payment terms have been extensively exceeded.

Debt >60 Days Old: For debts exceeding 60 days, our actions include:

• Funding Review: We conduct a comprehensive review of funding and may consider withholding further payments.
• Final Calls and Emails: We engage in final communication attempts to resolve outstanding payments.
• Debt Recovery: Depending on the circumstances, we explore options for debt recovery, which may involve future funding requests or direct collection from your agency.
• Bad Debt Protection: As part of our Bad Debt Protection, you have the option to choose whether the debt is recovered from your agency or accepted by Sonovate, with a minimum retention required. It's important to be aware that we will not consider additional funding requests for this client under these conditions.

Disputes Resolution:

In the event of invoice disputes, we prioritise swift resolution, emphasising accountability and clear communication. Your involvement may be requested to resolve issues within a defined timeframe.

Escalation Process:

Should a debt remain unresolved, we progressively escalate our efforts, which may involve considering the possibility of withholding future funding, or in certain situations, seeking to recover the debt directly your agency or future funding. This course of action will depend on the specific circumstances.

In cases where clients mistakenly send payments to you, we request a swift return of funds and urge verifying and updating bank details to prevent future errors. Our primary goal is to address these situations within a maximum timeframe of two weeks, avoiding potential complications down the line.

Our goal is to ensure financial harmony and resolution, and we appreciate your cooperation in this endeavour.

We value your partnership and are committed to providing transparency, accountability, and responsiveness throughout our credit control and AR processes. Together, we can achieve mutual success.

Handling Misdirected Payments:  

• All collections for debtors funded by Sonovate must be made to the designated account supplied at account setup. 
• Please notify us at ccsupport@sonovate.com if a debtor pays directly; funds must be transferred to Sonovate within 24 hours. 
• Delay in transferring funds back may impact future funding requests.