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Discover how your business can profit from outsourcing in receivables management
The world is currently confronting new challenges as it has only recently made a recovery from the economic impacts of the pandemic. The EU is one of the advanced economies most vulnerable to price increases. The energy crisis is reducing household purchasing power and straining the economy's ability to produce.
According to Eurostat's flash estimate at the end of the month, inflation in the eurozone hit a new high of 10.7% in October. The increase was driven by energy prices, which Eurostat projected to be 41.9% higher than in the same month last year. The rise in energy prices has an especially negative impact on Europe. Due to the pressure on the European economies, recession is anticipated in at least half of the eurozone member states next year.
What does it mean for your business?
People are more inclined to accumulate debt during these difficult times. Due to inflation many individuals are going out of business, which results in being unable to pay their debts. Real-time collaboration with the customer is hard to achieve as the struggles accumulate.
How can we help?
Customers are constantly seeking methods to make their daily tasks more comfortable, and managing their debts is no exception. Seize the opportunity to use a digital-first receivables management technology to digitize the collection procedures. Cater to the growing number of customers who favour online communication tools and self-service digital tools. Profit from the fact that if clients are dealt with in a personalized, hassle-free, and empowered way, they are 25% less likely to become delinquent. Save money due to improved efficiency and decreased personnel costs.
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