ROSI - The Register of Outstanding Invoices
Businesses do not like the prospect of anything being recorded against them. This is particularly true when it comes to late payment. This explains why ROSI is such an effective debt collection tool.
How Does It Work ?
We write to your debtor on your behalf requesting payment. The content of our letter will include the following key points:- A request for payment within 7 days or legal action to follow
- Late Payment Penalties (to fund your debt collection costs)
- Notification that if the account remains unpaid in 7 days then the unpaid invoice information will be registered with ROSI
- A unique pin number so that the debtor company may view their prospective entry and also how it will appear on the ROSI online website.
Ask yourself a question - If you received this letter would you risk being the 1 person within your business who was responsible for this company entry?
As already indicated the debtor is provided with their own unique pin number to access their prospective ROSI entry online.
They will visit the below screen:
The left hand Login option is where the debtor may Login to their own entry. but also note the effect that the right hand Login option may have on a debtor company.
A typical debtor entry is as below:
Would this encourage your debtor or even your own company to pay by return?
We have clear & undisputable evidence that it does just that in many cases.
How?
Well put simply our IT systems illustrate a proven pattern of debtors logging in using their unique pin... sending their payment... and then crucially... revisiting the web site on or shortly after day 8 to check that their entry did not an live.
Means of Reply and Fair-Play
Of course it is appropriate that all debtor companies are given a right of reply to their entry, or prospective entry on ROSI.
Firstly they may appeal their entry, but they will need strong grounds for any appeal to be successful if they are, or were, simply late in paying the invoice(s).
Grounds for a successful appeal however, for example, might be that the original invoice and all chase correspondence was sent to a previous address and as soon as the debtor company became aware of the invoice they paid it promptly thereafter.
In these circumstances it is only fair and reasonable that the entry is withdrawn at the earliest opportunity.
All appeals to entries on ROSI are considered on their individual merits, taking into account the facts and reasons for non or late payment.
Use "real time" ROSI to help you with:
*** Prevention ***
Vetting New Customers Use as an add on to existing account opening processes
An Alternative to Outdated Credit Reports Consider using ROSI to replace costly credit reports altogether on low value transactions
Reviews of Existing Customers Status
Regular / Frequent Monitoring of High Value Customer Exposure
Eliminating Prospective Target Customers Why would you want them if they do not pay?
To Confirm Detrimental Customer or Even Competitor Industry Rumours
*** Cure ***
Identifying Overdue Accounts That Require Immediate Action Are other businesses chasing them? Should you be on to it as well?
Accelerated Payment to Prioritise Overdue Monies Zero cost/ subsidised debt recovery
One Access - Many Uses - Unlimited Savings!
THE COST OF A "ROSI" FUTURE
Access is provided on an Annual Subscription basis.
We recognise that different sizes. sectors and types of industry will have contrasting usage levels.
Please choose the level which best suits your business:
£279.00 - Up to 1000 ROSI searches (just 27.9p each)
£379.00 - Up to 2000 ROSI searches (just 18.95p each)
£479.00 - Up to 5000 ROSI searches (just 9.58p each)
All figures are exclusive of VAT.
In conclusion, there are only two salient questions left?
Do your customers really have a "rosy"' outlook?
OR
Should you look out because they are on "ROSI"
If you would like any more information on Direct Route Ireland and the services available then please contact us.