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Is it your fault?
Surprisingly the number one reason for not getting your receivables in on time, is usually your invoicing is not up to date. Before anything else, make sure your internal systems are totally current, you might be surprised at what a little diligence does to your cash flow!
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It’s Not Just The Mail!
Invoices can go out via EMail, Fax, you can call, send invoices via the post office. Mail does not get the attention it once did, don’t be afraid to spread out and diversify. Get your message where your customer is looking even use more than one communications channel.
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On Time Payment Expectations
Many slow payers (as opposed to delinquent) simply have not had expectations set that you deserve to be paid on time. The first… is generally OK to be the 5th. Set expectations right up front, if you plan to be paid promptly.
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Patience is NOT a virtue
The longer you wait to collect, the longer it will take to collect the debt. On the same theme as let your customers know you expect to be paid on time, begin collecting promptly when they don’t pay ontime.
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Be Human, Care, Why are they paying late.
You certainly don’t want to lose a client or customer simply because they fell behind a time or two. Contact your customers, care about why they are late. There might be a real, short term problem that you can assist them on, and cement your go-forward relationship with.