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Are Late Payers Damaging Your Business?


Published in April 27th, 2008
Posted in Business & Economy

One of the biggest problems small businesses face is trying to collect payment after the work has been done. If late payers are crippling your business there are some effective strategies you could follow that will help you to collect more monies in timely fashion.

Be Clear from Day One

Right from the beginning you should be clear about how and when you expect to get paid. Agree payment terms verbally with the buyer at the beginning. It is then a good idea to give all quotes in writing and make it clear again what your payment terms are on the front of the quote just below your price. Remember to attach a copy of your full terms and conditions with all quotes or better still print it on the back.

Before You Supply Any Goods

Carry out a credit check on your potential customer before you even think of supplying them. You should also carry out an annual check on your existing customers’ just in case their financial situation has changed for the worse.

At Point of Delivery

Check if your goods delivered or services supplied were satisfactory. There is absolutely no point in delaying any potential complaints. If the customer is unhappy try and resolve any outstanding issues immediately. If any goods were damaged uplift them and issue any credit notes quickly.

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