A huge volume of PPS registrations are due to automatically expire over the next 18 months – is your business ready?
AFSA (being the government department responsible for the #PPSR) has recently released a set of statistics showing the number of registrations that will automatically lapse, if you don’t take positive steps to renew your registrations.
I have modelled these statistics for you in the following graph:
Why the auto lapse?
When the PPSA came into effect, many registrations were given a 7 year life limit. January 2019, will mark the end of that 7 year period for 120,000+ registrations.
What should you do about it:
- Review your registrations and map out which ones are automatically going to lapse soon;
- Request a “registration due to expire report” from the PPSR website. It doesn’t cost you a cent and is very handy to know which of your registrations will expire soon! (link is here);
- Update your customer details;
- Utilise a credit bureau provider like CreditorWatch, to help you manage the large volume of renewals you will likely need to process; and
- Get expert help! I am more than happy to help put you in touch with the right expert.
