Should You Be Prepared To Do A Deal With A Late Paying Client?
There are a multitude of reasons why a client doesn’t pay an invoice from simply being an oversight to an attempt to cheat you out of money that is rightfully yours. So in what circumstances should you be prepared to make a deal over an unpaid invoice?
This decision is a difficult one to make because it will require some concessions on your part to either agree to part payments or payment at a later date. None of these solutions are going to be particularly appealing if you value the cash flow coming into your business (and you should value it because it is the lifeblood of a business).
Nevertheless if you have known the client for years and they are simply going through financial difficulties, you could opt to reduce some of the pressure on them. The question you should be asking, however, is why has the client allowed you to proceed with work knowing there may be a problem paying for that work to be done?
Other cases are more clear cut. The client doesn’t take your calls, ignores your emails and other attempts at contacting them. In these cases you are best advised to seek the help of a debt recovery agency who will make that client sit up and take notice of your demands for payment.