Payment Reminder
Most companies selling products on credit will sooner or later come across customers who do not pay. In these instances, you can either post the customer's outstanding payment as a loss or try to recover the debt. The latter option is the most common course of action.
The first thing you can do is to send a payment reminder and/or a notice of debt collection to the customer. In your Mamut system, this is done via an easy-to-use wizard.
Read more here.
Factoring
An alternative to dealing with credit management on your own is to sell your outstanding payments to a factoring company, which in turn will follow them up and keep the payment. All invoice follow-up is thus handled by the factoring company, saving you time and guaranteeing you a steady income.
Read more here.
Credit Charges
The credit charging feature lets you charge late-paying customers for lost interest income. Lost interest income due to customers who make late payments can reach a significant amount in the course of the year. Some businesses choose to invoice interests in order to compensate for this loss.
Read more here.
Remittance - Electronic Payment
Payments to suppliers are posted to the nominal ledger/financials module as journal entries. In the ledger module, you can use the Remittance wizard which guides you through the process of selecting which items should be paid as well as the actual payment. In addition, the wizard also helps you post the outgoing payments when they have been made.
The remittance wizard can be used in two ways: automatic remittance and manual remittance.
Read more here.
Debt Collection
If your customer has not paid, even after receiving a notice of debt collection, you can send the payment claim on to your debt collection partner. Debt collectors chase up payments for you and take care of all necessary communication with the customer.
Read more here.
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