[New Feature] Finance | Debt Recovery services, all within your Prism portal

[New Feature] Finance | Debt Recovery services, all within your Prism portal

Release Date: 28 May 2020

We are excited to announce a new collaboration with Thoroughbred Recoveries, a leading boutique recovery agency specialising in the thoroughbred industry across Australia.  This collaboration provides Prism Finance clients with direct (should it be required) access to well established and specialised debt recovery services. 

1. Send a Letter of Demand 

Send a Letter of Demand on Thoroughbred Recoveries letterhead to selected debtors who owe amounts beyond agreed Payment Terms, with the click of the button. 
  1. In the Finance > Dashboard > DEBTORS REPORT tab, tick specific amounts overdue for selected Debtors, then select the Send Letter(s) of Demand button.
  2. You can then choose to send the letter(s) of demand via email, or send and also download to your computer ready for printing and postage (recommended).
  3. Note: there is a $30 +GST fee for each Letter of Demand sent by Thoroughbred Recoveries. This will be charged to you by Prism, monthly in arrears, for distribution to Thoroughbred Recoveries.

  1. A Letter of Demand is emailed to your customer demanding payment of the selected amount overdue, within fourteen (14) days. 

  1. A Statement of Outstanding Debt is also emailed, including a convenient Pay Now button (if you operate a Thoroughbred Payments merchant account).

These two documents, on Thoroughbred Recoveries letterhead, help escalate the importance of the outstanding debt and in many cases results in payment.

2. Track and manage the status of your demand

Following the sending of a letter of demand to a Debtor, you may track and manage the debt in the Finance > Dashboard > DEBT RECOVERY tab .
  1. View the email status (Sent, Opened, Bounced)
  2. View the payment status (Pending, Part-Paid, Paid)
  3. Insert notes based on communications with the Debtor (recommended)
  4. Close the payment demand action
  5. Flag that a payment plan has been agreed 
  6. Download the Letters of Demand at any time

3. Retain Thoroughbred Recoveries to recover amounts owed to you

If the debt owed to you is not collected within 14 days, and you have not flagged a payment plan or manually closed the payment demand action, you may r etain Thoroughbred Recoveries to chase and recover your debt on your behalf.
  1. Select the 'Unresponsive Debtors' button to quickly display payments demand but still pending after 14 days
  2. Tick the relevant Debtor(s) with a payment still pending
  3. Select the 'Send to Thoroughbred Recoveries' button in the Action column of the Debtor row, or the green 'Send to Thoroughbred Recoveries' button if selecting multiple Debtors. This will send the details of the Debtor(s) and the unpaid debt, to Thoroughbred Recoveries.
  4. The Status will change to 'Sent to Thoroughbred recoveries'.

Thoroughbred Recoveries will contact you to discuss the matter, and commence action to chase and recover the debt on your behalf.

If it is later necessary that your debt be escalated to legal, and you approve further action, Thoroughbred Recoveries will work with their partnered law firm, Morgan + English Commercial Lawyers to pursue the most appropriate legal avenue.