In an economic context weakened by the health crisis, longer payment terms can put a strain on companies' cash flow. Sage and Covline have joined forces to offer a collections and dispute management application.
Better control of cash flow: a vital challenge for companies
In May, an 87% increase in overdue invoices was recorded, and over 60% of business leaders were already expecting to face financial difficulties in the autumn. According to a survey carried out by Xerfi, more than half of all companies have seen their customers' payment times lengthen.
At a time when companies are already having to cope with falling sales, these late or non-payments can cause major cash flow problems, and even jeopardize their survival.
In response to this problem, the multinational company Sage, world leader in business technology with its Sage Business Cloud solution, and Covline, a French publisher specializing in accounts receivable management, have decided to join forces.
Eloficash, a collection and dispute management application
Their partnership is both technological and commercial, and is based on the Eloficash solution, a SaaS tool for cash management, debt collection and out-of-court dispute settlement developed by French publisher Covline.
By choosing Covline's Eloficash solution, Sage aims to include a high value-added software solution in its offering, enabling companies in Europe and Africa to increase the reliability and speed of their cash inflows.
"As part of our strategy [...] around X3 and our offers for medium and large companies, XRT and FRP 1000, Sage has selected the 100% web-based Eloficash solution from publisher Covline," confirmed Sage in a press release. This collaborative tool complements Sage's existing debt collection solutions.
For Covline, this partnership is the ideal opportunity to accelerate its expansion on the French and European markets.