Whether you are a service provider working for government or private organisations, late payments from clients put you under tremendous pressure and have serious damaging effects on your business operations.
There are already a wide array of obstacles to overcome as a small business owner, late payments can often be the straw that broke the camel's back. Unfortunately, late payments are a reality and to some extent, unavoidable. There are many 'legitimate' and understandable reasons for a payment being late, which, as a small business owner, we need to try prepare for as best possible. Most often however, receiving a late payment from a client or clients isn't what does the real damage, it's not knowing that the payment will be late in first place and more so, not knowing when it will be paid.
When a significant payment claim or multiple payment claims are delayed, the first thing it impacts is cash flow (the money used to pay the bills - salaries & wages, rent... e.t.c). Generally, as a small business, a surplus cash-flow is mostly a concept and rarely a reality. If and when you are in a situation waiting on your payment/s, it becomes a case of frantically phoning and emailing the client and being passed around various departmental employees in an attempt to track down your payment and more importantly, get an indication as to when it is likely to be released. This experience is one of morale sapping frustration. The longer a payment claim takes, the more it becomes a balance act between damaging the relationship with the client and getting your hard-earned money into the account.
By knowing firstly, that a payment claim you have submitted will be paid late, and then having a fair idea as to when it will likely be received, makes a world of difference in a business's financial planning. If the late payment/s will result in the business not having sufficient cash-flow to meet its obligations, one can attempt to get a short-term loan, open an overdraft facility and negotiate with creditors for some leeway.
Payment Tracker was developed as a solution to these problems.
We developed the Payment Tracker App as a way to submit payment claims directly to the client (thereby reducing the initial time it takes through manual submission), as well as provide a means of tracking both the status and the stage of payment claims at any time during the process.
The Payment Tracker App works as follows:
As a Service Provider:
1. You login to the Payment Tracker App on your smart phone or through a web browser on a PC.
2. Upload your Payment Certificate/ Invoice document
3. Submit. And Wait...
As soon as your claim has been received by the designated person or department, you will receive an update via Email, SMS and or Push Notification to inform you.
Then, as your claim is processed through the various stages and departments, you are continually updated and kept abreast of any issues with your claim.
Through the App, you can view on a 'live' basis, the stage and department of your claim as well as any feedback or requests for additional information or even changes to your claim submission required for further processing.
As a Client:
Payment Tracker provides a tool to track and manage payment claims, as well as providing analytical insight into your internal payment process.
It provides you with a transparent, inclusive and efficient interface between your organisation and your service providers.
You can view the stage and status of any particular payment claim, as well as view summaries of all claims being processed at any given time.
The Payment Tracker App records the time between stages in the payment process, thereby identifying trends, as well as the average process time stage by stage; per department; per personnel and thereby highlighting areas that need improvement or attention.
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