About OnTheMarket
OnTheMarket is a leading property portal and a dominant player in the property industry, currently ranked among the top three platforms in the market. With ambitious growth plans, the company serves a diverse client base of estate agents and property developers, connecting them with millions of potential buyers and renters. Renowned for its innovation and customer-focused approach, OnTheMarket continues to redefine the property search experience.
OnTheMarket’s Objectives
OnTheMarket aimed to improve its accounts receivable processes by implementing a solution that could enhance operational efficiency and accelerate collections. The company sought a streamlined and user-friendly system to reduce overdue invoices, manage customer accounts more effectively, and ensure timely payments while minimizing the need for manual interventions.
OnTheMarket’s Challenges
Before implementing Debt Register, OnTheMarket faced challenges such as:
- A lack of a dedicated credit control system, which led to inefficiencies and lengthy payment negotiations.
- Frequent pushback from estate agents on payment requests, resulting in time-consuming negotiations.
- High costs associated with using third-party collection agencies, with low returns on investment.
- Difficulties distinguishing between non-paying clients who could pay versus those who couldn’t or wouldn’t.
Our Solution
Debt Register transformed OnTheMarket’s collections process by:
- Enabling easy, centralized debtor management that alerted estate agents to potential credit score impacts if they didn’t pay.
- Automating follow-ups and streamlining payment notifications to estate agents, allowing the credit control team to focus on more complex cases.
- Implementing processes that allowed OnTheMarket to identify clients likely to pay and reduce reliance on third-party debt collectors.
The Results
Since using Debt Register, OnTheMarket has experienced significant improvements in its credit management process:
- Achieved a return on investment in its first implementation cycle.
- Reduced the number of cases sent to third-party agencies, thereby cutting costs.
- Obtained a 90% success rate in payment compliance when agents were informed of potential credit impacts.
- Established a proactive approach that allowed the credit control team to distinguish between clients with genuine payment constraints and those avoiding payments.
Liz Ash, Head of Credit Control at OnTheMarket, shared advice for those considering Debt Register:
“You’ll see a return of investment and your executive team will love you for it. We’ve not had any negatives. It does exactly what it says it’s going to do, and I can’t recommend it enough!”