- Posted by: ntadmin
- Category: Blog
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.
TERMS OF TRADE
Ensure that you advise all clients/customers your terms of trade before you provide goods or
services, for example your invoice is to be paid in 7, 14, 30 days and make sure this is on your invoice
and/or credit application.
FOLLOW UP INVOICES IMMEDIATELY
When an invoice becomes overdue follow them up immediately – the sooner you follow up the
greater the chance of payment.
STAY ON THE FOREFRONT OF THE CUSTOMER
Customers with cash flow problems will be deciding who to pay first and will most likely pay the one
who is pushing the hardest.
CONSIDER PAYMENT PLANS
You may have a long standing customer who suddenly has cash flow problems, you could consider a
payment plan with them to save ruining the relationship until they overcome their hardship.
ENGAGE A DEBT COLLECTION AGENCY
If you require debt collection services in Brisbane or around Queensland then contact us for assistance in the recovery of your delinquent accounts.