What does my Collection Rate tell me?
Your Collection Rate determines how successful you have been in collecting payments against your customers’ invoices. A high collection rate indicates that the money owed to you is being paid on-time. Whereas a poor collection rate can signal that your customers might not be the most reliable payers and other measures might have to be implemented to increase your Collection Rate.
How is my Collection Rate calculated?
Ezypay calculates Collection Rates in two ways for each of its customers:
- First Attempt Collection Rate - This tells you how effective our first try has been in successfully collecting your debits and is measured across all your transactions.
- Ultimate Collection Rate* - This tells you how effective multiple tries have been in successfully collecting your debits and is measured across all your transactions.
*Applicable to businesses that either:
a. collect on the first invoice through the Ezypay Pay Me Today or Pay Now payment recovery page but may not use the Ezypay Rebilling Functionality, or
b. use the Ezypay Rebilling functionality
It is important to keep track of your Collection Rate so that you can make any necessary changes to your business processes.