It may seem counter-intuitive but late payment of invoices can actually help you to advance your business. Commercial Domestic Investigations has over 25 years of experience dealing with commercial credit collections and we understand the power that a concrete collections procedure can have on both your clients and your business.
Building an effective collections policy into your company maintains your reputation and shows that you are running a professional operation. News will soon spread throughout your organisation that you are now taking a no-nonsense approach to late payments and excuses will not be tolerated.
An effective credit control policy will include all aspects of collections and will give your team a relatively simple way of dealing with these late paying clients and makes it very clear what will happen if payment is not received. To find out what you should include in an effective credit control policy, read our guide.
It can be difficult to speak with troublesome clients in a professional and polite manner, so to try and avoid accounts becoming overdue there are some steps that you can take to reduce the amount of late payers you have.
Check in with your customers once the invoice has been sent, this is not only good customer service but will give you the chance to make sure the client received the invoice and that all the details were correct. You can answer any questions the client may have; this reminder call means that the client can’t later claim they never received the invoice.
If an invoice becomes overdue then don’t be afraid to chase them up, the client may genuinely have forgotten about the invoice or the person responsible for paying may be away, the longer you leave the invoice without chasing it, the longer you will have to wait for payment. Chasing an invoice early on means that you are aware of problems early on too; if the client is having cash flow issues then it means you have time to resolve the problem before it becomes problematic.
If your efforts are being ignored or no resolution can be made then it is time to escalate the overdue account to a third party. At Commercial Domestic Investigations we take the time to understand your business and your clients so that you can be safe in the knowledge that our team will work tirelessly to recover any debts.
If you want to find out how Commercial Domestic Investigations can help your business, contact us on 08444 159200 or email firstname.lastname@example.org.