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5 Effective Ways To Make Sure Your Customers Pay On Time This Year

Donald Benson

Are you wondering how this year you can get your money back from the clients and debtors on time? Read the blog to know about some effective ideas directly from the experts in debt collection.

As a business owner, when you talk about unpaid invoices from the end of your clients or debtors, it becomes clear how this debt is jeopardizing your business finances. Now, think about it this way. What is making your clients pay late? Are there always some genuine reasons or is there anything that can you do to get the payment on time?

This year is going to be a tough one for every business around the world. While businesses are going back on the regular track, it is also becoming evident that you will always have to go a few extra miles in order to get your finances and cash flow regular. So, here, you will find some effective ways that will help you make your customers pay regularly. These ways are tried and tested by the reputed agencies offering credit collection services like Nelson, Cooper and Ortiz LLC. Take a look.

Run a Credit Check:

When you are getting into a completely new business transaction, it is better if you run a credit check. This can be a necessary step as this will give you a very clear idea about your client’s finances. Connect with the credit agencies and find out about them. If your client has been bankrupt in the past or currently going through then you should know about that too. So, make sure that you are getting all the necessary information before getting into any financial dealings.

Avoid Offering Credit:

Yes, maybe in the past you have offered your services and products on credit. But 2020 has been a challenging year for all business owners around the world. Everyone has been dealing with irregular cash flow, drop in revenue, and so on. And that is why this is not the right time to continue with the practice of offering services and products in credit. Rather ask for payment upfront. In fact, if you are delivering on time or in bulk, ask for advance payments too.

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Don’t Delay in Sending Invoice:

Many debt collection experts believe that the main reason why often the debtors don’t pay on time is that they receive the invoice much later. Delaying in sending invoices can make you look unprofessional or perhaps not serious enough about the payments. Instead of depending on your office bookkeeper every month, it will be a better idea if you are going to get the whole process automated. This way, the moment any product or service is provided, the client will find the invoice in their inbox automatically.

Flexible Payment Options:

The pandemic has made the world realize how necessary it is to be able to pay digitally. That is why now, more than ever, you need to offer flexible payment options to your customers. Maybe till now, you have always received the payment through checks for ease of document keeping. But now, you have to offer more flexibility. Direct deposits, bank transfers, mobile wallets, paypal and many other platforms are there for faster, smoother and easier payment. Offer this convenience to your customers too.

Discount for Early Birds:

According to many experts, this has been proven to be a very successful method of getting paid on time. Everyone loves to get some discounts or offers. Now, offer your clients some discounts if they are paying early. This way they will get something back while dealing with you too. Also, when you are looking for faster payment and repeated customers, you can offer some incentive for their next order with you. That way you will get your customers for a long-term relationship and get the payment on time. However, after all of these tricks fail, you need to get in touch with a reputed and reliable commercial collection agency in your city that can offer you complete support for recovery of the money and help in filing litigation. Check for their reviews before you hire one.

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