Advice On Chasing Payments From Your Customers
No matter how good your relationship is with your customer, a refusal to pay what is owed amounts to them hanging on to money that rightfully belongs to you. If everyone took advantage of a service then refused to pay for it then then the economy would grind to a halt so non-payment is a serious matter and should be dealt with sooner rather than later. With this in mind here’s some advice on what to do when chasing payment.
Don’t be afraid to contact your customer early
There may be a variety of reasons why your customer is paying late. One of them could be simply a matter of forgetting to pay. If you have sent out a large invoice, it is worth making a follow call to make sure they have received it and they are happy. This should be seen as great customer service by your honest customers.
Don’t delay if your payment hasn’t arrived by the due date
One of the biggest mistakes you can make is to allow payment dates to pass without chasing up. This can send out a signal that you are not serious about collecting the money and can lead to repeated late payments in the future. Let your customer know what you expect from them at the outset and avoid supplying what amounts to unofficial credit terms that will only hurt your business.
Don’t let your emotions get the better of you
It’s easy to end up getting angry about a customer that fails to pay what is owed to you. The important thing is to stay calm, assertive and professional at all times. Pursuing debts aggressively can end up leaving you waiting even longer for your cash if a dispute arises.