Smart tips to collecting from late paying customers


The majority of companies have customers who do not pay in time. So if you deal with this problem, you should know that you are not alone, because in the business industry more than 60% of the small companies have unpaid invoices that are at least two months old. But, if you run a small company you know that you do not afford this late invoices, because they have a negative impact on your finances. Therefore, you have to find a way to make your late paying customers to understand this situation and to pay for the services and products you offer. In the majority of cases the issue is that, the business owners have no idea how to invoice the customers properly. If you find yourself in this situation, you should get in touch with a credit control company London, because they can offer you help and advice. Here are some tricks that will help you get your money back.

You have to be mentally prepared for the process that is about to come

When you decide to get in touch with the late paying customers, you have to be prepared for the process, because they will come with different excuses and it is News Magazine crucial to be committed to get paid. You will have to be both professional and friendly and to stay firm in your decision. In case you will not approach your debtors with this mind-set they will simply walk all over you. You should talk with professionals from a company as Racing Credit Control if you know that you have difficulties in doing this. The majority of companies delegate collectors to help them in these cases, so you should consider this option.

You should follow up your late paying customers

The majority of companies deal with late paying invoices because they let their clients slide when it comes to paying for the services and products they provide. They prefer this option because they do not want to offend or confront the customers, and because they are too busy to check the receivables. In this situation, there are certain things you can do, the first one would be to use an accounting software, in this way, it will review the receivables at an established period. The following thing you have to do is to develop a system that allows you to check the payments that are due to an established term. Make sure to stick to these systems and the situation will get better soon.

Send your clients reminder letters

If you do not want to offend your customers and you do not like confrontations, then a polite way to inform them that they have a late invoice is to send them a reminder letter. It is advisable to send these letters a few days before the payment is due, because in this way they will not overlook it. You should talk with a professional to create a standard form letter, and you should use it in every situation, because if it is a form letter the customers will not take it personally. Also make sure that in the letter you include your contact details, in case the clients want to get in touch with you and figure out what the situation is.



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