Find Your Chances with Debt Recovery Now
It would seem that if you sent the invoice everything will go its own way and sooner or later you will receive payment. So you wait and do nothing while doing other things. Consider, however who should be more concerned with timely payment? Payment monitoring is one of the elements of your business. The first stage of this process can be a very simple question, namely a request to confirm receipt of the invoice.
Imagine a situation when you send an invoice by email, but for technical reasons it does not reach the recipient. You can wait forever to pay for it. In such a situation, this one short question will dispel all doubts, and, in the event of a subsequent need for litigation, will prove to you that the invoice has been delivered.
Monitor the invoice payment deadline
Create a reminder schedule
One could say that you have to do everything so that your invoice and the need to pay it still remain in his memory. Most payment gridlocks arise because of constant postponing. And the longer the payment period the worse it is to keep proper focus on your payment, because it is probably not the only one for your customer.
Therefore, use the possibilities of your system for online invoicing, and if you issue accounting documents in a different way you can always use the e-mail or telephone. If you issue invoices with a long payment deadline, please contact the customer reminding them of the due date 7, 3 and 1 day before the due date. It is a very nice, polite contact where you only remind about payment for the invoice. The contractor still has time to pay the invoice, there is no reason to urge him, however such a phone or email gives a clear signal that you are watching over the timely payment of liabilities in your company. The essential options are all there in debt recovery now.
When you use short payment terms, 14 or 7 days, you only need to be reminded two days before and on the day of expiry. If the contractor really wants to pay on time two reminders will be enough not to overlook him.
The deadline has passed this is no reason to panic
Sooner or later the payment date indicated in the invoice expires. It is then that you feel this undoubted frustration, the feeling that you have been exposed, because you have done your job a long time ago, and the contractor is delaying payment. At this point, it is worth acting immediately so as not to let yourself be forgotten.
Pre-court debt collection
Lack of payment on the day of the expiry of the deadline is not a reason to start debt collection. There can still be many reasons why a contractor is late. Maybe he just forgot? Or maybe the transfer is on its way, but the bank has failed? Or maybe she really has a sick daughter and has no head for business matters? So don’t panic. For now, you can still get along with the belated customer after kindness. Therefore, we are starting the pre-trial debt collection stage.
Conclusion
Pre-trial debt collection sounds dangerous, but even asking for money calling the contractor the day after the deadline can already be counted as collecting debts.
