Simplifying the Credit Control Process For You!
Following a step by step credit control plan will have all your employees following a consistent and professional proven method.
Follow these steps for an easy guide to achieve effective credit control results.
- Invoice
Immediately after goods or services have been provided, send your customer an invoice.
This will give you the best opportunity for an early payment while it is still on their minds. Make sure that your invoice includes your payment terms on it.
- Check In
For companies with 30 day payment terms, after about 14 days, give your customer a courtesy call. This is to make sure they received your invoice and have no queries regarding payment. If they have received your invoice, ask them what date they will make payment.
Doing this eliminates the possibility of the customer telling you they never received an invoice after the due date.
- Chase Up
If the payment becomes overdue, give a further courtesy call to your customer. Remind them that the payment is now due and ask if there is an issue or when they will be making payment? You can always follow up with an email too.
Occasionally people will simply mix up dates.
- First Warning
If the invoice still hasn’t been paid a week later, send a letter to the customer warning that they have seven days to pay you. Advise your customer that you may add late payment charges to the invoice amount. If you offer a service you could also put their services on hold/stop until they make payment.
- Debt Collection
If you have made all effort to collect payment of your invoice and there is nothing else you can do, pass the debt to a professional debt collection agency. A letter or call from a third party will encourage your customer to pay.
If you are spending time continuously chasing customers for payment, perhaps a more cost-effective and time saving solution for you is to out-source this task.
Do you have lots of customers and no time to chase for payment? Find out how we help you get paid on time, using our professional, friendly out-sourced credit control service today.