Deal with outstanding debts
Oak Tree Solutions, is the UK’s number one classified and community website. It brings together “buyers” (consumers looking for something) with “sellers” (businesses and people offering something).
It’s everyone’s local notice board – generating more than 250,000 new listings a week, and attracting 13.7 million visitors and 400 million page views a month. As the business grew, Oak Tree found it was spending increasingly
more time chasing overdue payments.
To improve its cash flow, Oak Tree decided to outsource its credit control function to Fintech to benefit from Fintech’s finance expertise and track record in accounts receivable & debt collection services.
The task was to develop a speedy and efficient process for improving cash flow and collecting outstanding balances.
Create a dedicated team
To manage the outstanding debts, Fintech created a customized collections process and appointed an experienced, highly trained team of credit controllers and collectors to the business.
Individual team members were assigned to particular customers to strengthen the relationship with customers and provide them with a consistent credit control partner, which in turn supported process efficiency and maximised cash collection rates.
Significant debt reduction
- Collected approximately 70% of outstanding debts owed to the business within a very short timeframe.
- Major cash flow improvement: increased collection rates by more than 200% (2015 compared to 2014)