Why should I use InvoiceCare?
If you have business customers that owe you money and aren't always great at paying you on time without a lot of work on your part, then InvoiceCare may be right for you. InvoiceCare becomes your virtual A/R team and the end result is reduced stress, time saved and improved cash flow.
What does InvoiceCare do?
InvoiceCare provides our clients with a dedicated receivables specialist that tracks and follows up on invoices from the moment they are issued until they are paid. We send emails, make actual real-person (not automated) phone calls and send postal mail (letters and even thank-you notes) to remind customers to pay. We are well-trained and friendly, but also very effective. Clients that use InvoiceCare will typically collect 5 months of cash in the first 4 months they use us--effectively reducing their DSO by 30 days or more.
Is InvoiceCare a collection agency?
No, InvoiceCare is not a collection agency. We are a dedicated group of customer service specialists that act as your virtual A/R team. We always call “on your behalf” (InvoiceCare is not mentioned) and we charge on a flat-fee basis. However, should the need arise for a collection agency, InvoiceCare has a fully licensed and accredited 3rd party collection agency partner we can route claims to at your request. Additional fees will apply only if our partner is successful in collecting the money you are owed.
Won't my customer think it's odd that InvoiceCare is calling about my invoice?
When InvoiceCare contacts your customer, we identify ourselves as “calling on behalf of [your company]”. InvoiceCare is never mentioned. As far as your customer is concerned, we are your A/R team just as if you had hired accounting help. Except we're better, because we're more effective, don't require office space and don't burn popcorn in the breakroom microwave.
How does InvoiceCare get my invoice information? Do I have to type it in?
You provide InvoiceCare with a “read-only” login to your accounting system. When you issue an invoice, your dedicated InvoiceCare receivables specialist receives information about the invoice and begins a series of follow-ups to get you paid faster. Once you mark the invoice as paid in your accounting system, InvoiceCare stops following up. Throughout this process, your dedicated receivables specialist keeps you updated through bi-weekly calls and easy-to-access contact notes.
Do customers pay InvoiceCare directly or do they pay me?
With InvoiceCare, you issue the invoice the way you always have, and receive payments the way you always have--we just take care of everything in between. InvoiceCare does not receive payment on your behalf and we don't handle your money. We encourage your customer to pay according to the methods described on your invoice, whether that's by sending you a check, processing an ACH or something else. We just encourage your customer to pay you faster and more reliably.
Are you going to be a jerk to my customers?
No. InvoiceCare has done a tremendous amount of statistical analysis and modeling on customer response and it turns out that your mother was right--it pays to be nice. According to our research, using a polite-but-efficient tone works better both initially and over time to get you paid. But what really moves the dial over time is the consistency of the follow-up. When you start early and contact happens in a consistent pattern, you get paid significantly faster.
Are your phone calls automated? Are they made from offshore call centers?
InvoiceCare uses real, live people to place calls on your behalf. We don't use autodialers or recordings. All receivables specialists are located in the United States and we have strict quality controls. All calls are recorded, so if you ever have a question about a call, simply contact your dedicated receivables specialist to review the recording.
Who uses InvoiceCare? Who should not use InvoiceCare?
You can use InvoiceCare if:
- your customers are other businesses,
- you extend credit and have A/R,
- you are U.S.-based, and
- you are able to give us access to your accounting or invoicing application.
Most InvoiceCare clients bill an average of $5000 per customer per month or more, but we are happy to help you with invoices of any size. InvoiceCare clients come from a wide variety of industries including design and creative services, IT services, consulting, construction and trades, software and transportation. A typical InvoiceCare client has annual revenue of $2 million to $20 million, though we have clients both smaller and much larger than that.
My A/R is already fine, why should I use InvoiceCare?
Congratulations! It takes a lot of hard work to have great A/R. You may be surprised to know that about a half of InvoiceCare clients join us with already-great A/R results, but are looking for a way to apply best practices and reduce the hassle of managing invoice follow-up. Our virtual A/R team doesn't require office space, doesn't take up valuable billable time from your staff and doesn't take vacations. (OK, they do, but we manage coverage for you.) And we charge a reasonable, fixed rate for our services.
How long should I wait before sending my invoices to InvoiceCare? Can I send just a few “bad” invoices to InvoiceCare?
InvoiceCare’s flat fee per month covers the management of your entire portfolio of invoices. InvoiceCare starts tracking your invoices as soon as they are issued. We may even do a courtesy call prior to the invoice is due to ensure everything is acceptable and to find out if there are any issues. You don't want to find out after the due date has passed that the invoice was wrong, was missing a P.O. number or some other minor issue that could have been fixed early in the process. The longer you wait, the longer it is likely to take to get paid. When you use InvoiceCare, we start monitoring both new and existing invoices for that customer immediately. We're on top of it so you can get back to business.
What if there are certain customers I don’t want you to contact?
InvoiceCare presents you with a contact list for approval prior to any contacts being made. We also have well-established Do Not Call procedures for use on an ongoing basis. You can put customers on the DNC list forever (e.g., because that customer happens to be your father-in-law and you’d rather take care of that at Sunday dinner) or on a temporary hold for a set amount of time (e.g., because you are in negotiations with that customer for a huge new contract). We recognize every business is unique and work with you to ensure the right contacts are made--or not made--at the right time.
My company and/or my customers are not in the United States. Can I still use InvoiceCare?
You must have a U.S. address to be a client of InvoiceCare. Your customers can be anywhere in the world, but the range of follow-up methods we can use for customers outside the U.S. is limited. For instance, we do not send postal mail outside the U.S. and do not have 3rd party collections partners outside the U.S. at this time. By default, all follow-ups are made in English, but we do have bilingual English-Spanish receivables specialists for clients that require it.
Doesn't QuickBooks/Freshbooks/Xero already do this?
Most accounting and invoicing software packages can initiate a reminder email, and some can even send a series of reminder emails, but they do not offer live-person phone calls, printed reminders, thank-you notes, 3rd party collections agency integration and our development and use of best practices in following up on invoices. InvoiceCare uses this unique combination of assets to help you get paid faster than a simple email reminder alone.
How much does it cost?
The minimum contract amount is $500 per month with a one-year contract. Pricing is based on the number of customers you bill per month, but because every client is different, each InvoiceCare engagement is priced individually. Things that can impact pricing include your percentage of recurring customers, how many invoices you have that are more than 12 months old, the number of customers you have outside the U.S., your need for bilingual calls, etc.
General Pricing Thresholds*
|$500 per month||Up to 20 clients|
|$1200 per month||Up to 50 clients|
|$2250 per month||Up to 100 clients|
|$3000 per month||Up to 150 clients|
*Each engagement is priced individually, so if you bill an average of 35 clients per month your price would likely fall between $500 and $1200 per month--around $850 per month.
How do I get specific pricing for my business? Can I get a free A/R review?
Use the contact us form to let us know you’re interested in learning more. We’ll conduct a brief screen, and if you qualify, InvoiceCare will provide a free Accounts Receivable Scorecard for your business, including comparisons against industry benchmarks and best practice recommendations specific to your business. We will also include a customized price quote unique to your specific business requirements.
Have a question that isn't answered here?
WE'RE PASSIONATE ABOUT DOING A/R RIGHT.
That's why we developed the InvoiceCare A/R Management Approach. This guide is packed with actionable tips and tricks you can implement whether you have one customer or 10,000.
- Can you really "train" your customers to pay on time?
- How a simple phone call can improve A/R by 20%.
- What are optimal payment terms for your business?
- When does it pay to be friendly vs. aggressive