You can’t hope to grow your business if you know your customers are simply not paying you on time. You may find you end up struggling to keep afloat with your own bills and expenses, or you are simply spending more time than you need chasing things up. Either way, if you want to make a positive change here, then the only thing that you need to do is look below.
Send out your Invoices Quickly
The first thing you need to do is send out your invoices quickly if you can. You have to make sure you are getting paid on time by providing your customers with the details they need. You need to include your company name, your registered address, your company number and more. It’s also helpful to include the details of the product, the amount that is due, the invoice date or number and even your payment details. If relevant, it’s wise to include how much VAT has been charged or if there is a breakdown needed for each item.
Make it Easy to Pay the Bill
Paying bills isn’t easy. People forget, or simply don’t budget enough to cover all of their expenses. If you want to make sure you are getting paid on time then you have to make it easy for your customers to pay. It may be you need to send reminders at some point or let them pay in a way that is actually convenient to them. It may also be worth trying to give them various ways to pay in case they are on the go and can only pay via online banking. Little things like this can make all the difference when you look at the amount of times you are paid before the deadline.
Have a Chat
Another thing you can do is ask your customers why they are not paying on time. Good communication with all of your customers is the key to stopping late payments. You never know, your customer may well have a genuine reason for not being able to pay on time. If this is the case then you have to make sure you sit down and chat with them about their situation. If you want to get in touch with them but you aren’t sure where they are right now, then it may be wise for you to look into skip tracing.
Contact an Authority
Sometimes you are just not able to get someone to pay on time. This is understandable, but instead of accepting your loss, it may help for you to contact the relevant authority. By going through a debt collection agency, you can easily stop yourself from having to worry about the consequences of your customer not paying on time and it also means that you are not going to damage your image by handling the situation in the wrong way. Little things like this can make all the difference to your company in general.
