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Change is never easy and requires careful consideration. The following
questions, comments, and issues are frequently raised during the decision
making process |
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1. Isn’t this just another version of a collection
agency? |
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Absolutely not! 1st Pay is not a collection agency. Collection agents
have contentious relationships with debtors. 1st Pay’s customer
service agents are specifically trained to elevate your customers’ satisfaction
through the use of best practice Accounts Receivable Management techniques. |
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2. Does this involve factoring? |
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Sterling 1st Pay does not factor, finance or purchase any A/R. Factoring
is left to factoring companies. Our cash acceleration solution removes
any needs for a client to factor its A/R. |
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3. We don’t want to give up control
of our customer relationships. We know our customers best. |
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The power of 1st Pay’s RightSourcing approach ensures that our
clients strengthen and grow their relationships with each customer.
We perform as a seamless, transparent extension of our clients’ operations.
RightSourcing produces more repeat sales and higher customer retention. |
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4. Won’t this disrupt our day
to day operations? |
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All internal processes associated with credit management, billing,
cash receipts and posting do not change. Built into the RightSourcing
approach is the flexibility to integrate and implement our processes
to that of each client. We have a robust methodology and stable infrastructure
in place to be fully operational in just two weeks after an agreement
has been executed |
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4. You don’t understand our business? |
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Every business is unique. Our commitment to understand each client’s
business starts with our very first business discussion and strengthens
throughout the relationship. At the start of the implementation phase,
we collaborate with each client to structure a Best Practice strategy.
Each component of the strategy is uniquely structured to our client’s
industry, operations, culture, size and location. We always
leverage our expertise and resources to expand our knowledge base for
the benefit of all of our clients. |
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6. How much does this cost? |
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1st Pay’s RightSourcing solution is completely self-funded. Fees
are based on the number of accounts receivable handled and performance
based bonuses for achieving mutually agreed upon benchmarks, such as
DSO reduction and total cash enhancement. |
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7. Great solution, but why can’t
we just do it on our own? |
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RightSourcing is our core competency. It’s a turnkey solution
that consistently produces cost reductions, cash acceleration, improved
employee morale and customer satisfaction at levels that in-house accounts
receivable departments are hard pressed to achieve. |
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8. How do you keep our customer data
secure and confidential? |
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The security and confidentiality of our clients’ data is managed
with the highest priority. 1st Pay maintains a state-of-the-art technology
center utilizing the best of breed encryption protocols, back up processes
and disaster recovery procedures. Our clients’ data security is
never compromised.
All of 1st Pay’s staff is specially trained and monitored to continuously
protect all of our clients’ customer information. To add the utmost
protection, all of 1st Pay’s staff is bonded. |
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9. Can you handle multiple locations? |
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Our web-based technology and state-of-the-art software provides the
functionality to manage accounts receivable portfolios from multiple
departments, branches, divisions or subsidiaries. We also have the capability
to communicate directly with every group that may be involved with the
order-to-cash cycle. This capability is extremely beneficial in the handling
of dispute resolutions, discounts, concessions and short pays. |
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10. How can the data be viewed? |
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Each person designated by the client has real-time access to view the
data. In addition, management reports are available in real-time. All
data is presented in an easy to view, Windows-based format. |
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