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6 Tips to Get Overdue Clients to Pay Their Invoice

Overdue clients can have a huge impact on your cash flow and overall business health

Cashflow can make or break a business. Profits are important, but the most profitable venture isn’t worth very much if you can’t get your clients to pay. Most businesses run into this problem at some point, however, the way that you deal with these clients can directly influence how and when you actually get paid.


How long before debt is written off in Australia?

You may or may not be surprised to learn that a client or customer’s debt can be completely wiped clean. Like most legal matters, debts are subject to a statute of limitations. If the creditor fails to take action before the statute of limitation expires, the debtor no longer has a legal obligation to pay it back. This makes debt collection one of the most important concerns for many businesses. A failure to collect can lead to serious financial troubles for many businesses. So, it’s important to know when debt can be wiped and what impacts this as there are some important considerations.

Read on to learn more about debt recovery timelines and the statute of limitation for debts.


Debt Collection Letters for Unpaid Invoices in Queensland








The recovery of debt from unpaid invoices is one of the most common debt-collection actions required. Typically, your business will have provided goods or services on credit and if after the contractual term runs out, be it 14 or 30 days, and the client refuses to pay, you will need to consider your debt collection process.


Is it legal to charge interest on overdue accounts in Australia?

This is a question that many Aussie business owners struggle with and a question we get often. They understand the practical value of charging interest on overdue accounts, but they worry about the legality of applying additional charges.

In short, the answer is yes, charging interest on overdue accounts is legal. However, this does not mean that everything is on the table once a customer or client goes overdue on an invoice. You do have to adhere to certain requirements and restrictions for your claims to overdue interest to be legal, and not doing so could land you in trouble.


How to ask for late payment in an email

While phone is probably still the preferred method for contacting clients and customers about overdue accounts, email does offer an alternative that can be beneficial. It offers a low stress option for contacting account holders, it can be a hassle-free way to get customers to pay when they are late on accounts, but it will also give you a record of the request being sent if you ever need evidence in the future. In this post, we are going to provide helpful guidelines if your business is trying to collect late payments through email.


5 Warning Signs That You Might Need Debt Collection For a Client Soon

Debt collection is a stressful job for businesses, and although there is no sure shot way to identify a customer who will default, some early signs will always help to cut down on bad debt in your books. Usually, when a client does not want to, or is not in a position to pay back the debt, there would be a pattern in his/her behavior, and identifying those patterns can help your business lower bad debt and potentially save you from huge headaches.


Understanding Credit Management

The importance, long term benefits, requirements, and procedures behind a robust credit management system

If you’re a small-to-medium business owner that wants to be as successful as possible, understanding credit management is a great way to generate genuine wins. Its use in your company will assist tremendously in ensuring that late-payments and non-payments by customers are avoided or prevented entirely. Here’s all that you need to know about credit management and the creation process involved with this function.


The cost of Bad Debts


With credit comes risk. It’s just a fact of doing business.

Practically every business does a certain proportion of their transactions on a credit basis – it’s a necessity in many situations, and most credit transactions go just fine. Still, there’s going to be a percentage of customers that might have cash flow problems of their own and can’t or won’t pay off accounts in a timely fashion. That’s where your company’s accounts receivable department comes in.


Why Use a Debt Recovery Agent?

why use a debt recovery agent

Although you have good credit management policies in place, it is likely that you will have to deal with bad debts, our aim is to collect full payment as quickly as possible in a professional manner whilst maintaining your relationship with your customer/client.


Top 5 Debt Collection Tips

debt collection tips

Outstanding accounts have always been part of every business and is becoming more so now in today’s economic climate, and the older the debt the harder it is to collect.

1. Have clear trading terms and follow them

2. Have signed credit applications from all customers

3. Commence recovery efforts immediately an account is approaching your trading terms

4. Follow up on a regular basis

5. Contact a collection agency

How to Stay on Top of your Debtors

stay on top of debtors

Staying on top of your debt collection is absolutely vital for your business. Proper management of your debtors will help you get paid faster and prevent bad debts.


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