Debt Collection guide for small businesses Are your clients late in paying you each month & hold back making payment for as long as possible? Or Do they not even bother to pay you at all? Recent research has proven that this can create serious cash-flow problems for small business owners. This blog will give…
There is a popular misconception that the Credit Control Department is “anti-sales” and they will try to create barriers towards the sales effort wherever possible. This “Sales v’s Credit” attitude is wrong and can only be removed by strong personal relationships and education of the sales staff that a sale is not a sale unless…
The telephone can be a very powerful tool and without question is the most effective method of collecting outstanding debts, but you must consider the time element involved in calling everyone in your customer base. Ask yourself two questions – Based on the answer to these questions, you can structure your overall approach to the…
The second part of our series looks at the final stages of payment reminders. 3. Example of Deteriorating Payments Letter To be sent when payments from a previously prompt-paying customer have started to deteriorate. Dear Amount overdue: Invoice No: Date: Payment terms: Credit limit: Account: You have in the past settled your account promptly but…
Many companies are afraid in the current economic climate to chase their clients for money in fear they may lose them to a competitor. Please remember we are all working to make money and a good customer is a paying customer. If you have issued an invoice and one of your clients has not paid…
It’s a fact that you will encounter almost everyday in any form of Credit Control a number of customers who will try an excuse to buy some time and hold on to their cash. A company has a legal obligation to meet its debts as they fall due. If they cannot they are technically trading…
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