It is no secret that many companies have to deal with late or delinquent payments. Obviously, your organization wants to avoid this. If your customers don’t pay you, you may end up in a position where the delinquent payments eventually make you unable to pay your own creditors on time. By following these five tangible tips, you can rest assured of faster payments.
Customer acceptance
These are all questions you need to be able to answer before you accept a customer and start delivering goods or services.
Company Credit Policy
Create internal procedures and define who is responsible for the credit, how invoicing should be handled and how to react in case of delayed payment.
Risk profiles
By treating late payers and non-payers differently - for example, by asking for a prepayment - you gain control over invoices and thus get paid faster.
