IODM Ltd (ASX: IOD; “IODM” or “the Company”) today announced an agreement with credit management and debt recovery firm Business Credit Solutions (BCS) whereby BCS will ‘white label’ IODM’s automated debtor management platform to its growing enterprise client base.
The deal will enable BCS clients to identify and act on problem accounts sooner through IODM’s automated schedule of reminder letters via email and text message. Should the overdue account remain outstanding, clients simply click a button that refers the debtor/s to BCS.
BCS is a Melbourne-based firm that provides end to end credit management and debt recovery services to commercial clients, including credit documentation and onboarding, billing and payment processing through to credit risk review, claim management, collections and recovery.
IODM Managing Director Damian Arena said the agreement provides another logical distribution channel the company.
“The deal with BCS affirms our approach to grow our distribution network via synergistic businesses in our key verticals that are keen to provide value-add offerings to their clients.
“BCS is very committed to leveraging our platform to its client base as a white label offering. We are excited at the qualified sales opportunities that we expect to convert in the next quarter,” Mr Arena said.
Jeanine Purdie, Director and Principal of BCS, said: “IODM is a proven workflow for recovering debt sooner. Unfortunately, many businesses leave this process too late, so IODM will be able to help identify those offending debtors earlier.
“It’s such a synergistic fit for our business. I am always telling clients they need to rein in their debt earlier, and IODM’s solution effectively provides an automated pre-collection process that does exactly that.
“We look forward to introducing the solution to current and new clients, with the first rollout to commence in the first quarter of 2017, Ms Purdie said.
IODM is a software platform that fully automates the debtor management process that gets cash off the balance sheet and into the bank account, drastically improving velocity to cash flow. Through a single monthly fee, what normally takes hours to manage now only takes minutes, giving businesses control of all the parameters of the accounts receivable cycle. IODM interfaces with key accounting packages, and has 40+ partners across Australia. IODM is headquartered in Melbourne.
Business Credit Solutions helps small to medium business owners and consultants to collect their outstanding debts in a sensitive and professional manner. They can spend this money on their business and have time to focus on growing their business. We also provide credit management solutions to maximise our clients’ cash flow and minimise risk. Our unique points of difference include competitive rates, high levels of customer service, innovative software that enables clients to get up to the minute progress reports, and we conduct weekly EFT payments back to you. We also offer a no win/no fee service.