Tweaks to the billing process are one of the key things that can benefit businesses exponentially. The process itself can be set up to do a lot of the heavy lifting, working like clockwork to help your customers pay on time.
Here are a few things our resolution team has shared to help you politely but firmly encourage customers to pay on time.
Think about the written documents in your customer process, and ensure your payment policies are clear and upfront, repeatedly throughout your quotes, emails, and invoices.
Invoice your customers straight away, so that they can pay you.
Offer a diverse range of payment methods to help your customers pay you sooner, simply by making it easy, their way.
Stick to your late payment terms and ensure every customer who doesn’t pay on time receives regular reminders, which lays out what will happen if they continue to miss the payment.
The following steps assume that you run 30-day net accounts with invoices sent on delivery and a statement sent at the end of the month. You can tailor the time scales accordingly to meet your business requirements.
Client orders goods on the 15th of month one and an invoice is sent .
A statement is sent on the 30th of month one with an outstanding balance.
Payment has not been received by the 30th of month two – the account is now overdue.
Between the 5th and 10th of month three, you contact your client to qualify why the account has not been paid – remember the account is overdue and costing you money.
If payment has not been received by the 15th of month three send a further statement with an overdue notice stamp and payment due by the 20th of month three. You should also send a copy of your Terms and Conditions of Trade highlighting what happens in the event of default.
If payment has not been received by the 20th of month three send a final notice advising that the debt will be placed in the hands of EC Credit Control.
If payment has not been received by the 30th of month three send the account to EC Credit Control for resolution.
Debt resolution is the very core of our business and we work with corporate entities and small to medium-sized businesses to recover unpaid accounts.
There are many advantages of making EC Credit Control part of your 7-step billing workflow.
You can focus on your day-to-day business.
You can rest easy knowing your customers are in good hands.
You can continue to maintain healthy trading relationships.
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John Pohl21. March, 2024.EC Credit Control gets the job done. Zeta is always helpful...Josh Horton29. February, 2024.I was in a spot of bother with an old account that was still active. This was causing an issue for a loan and was very time critical. I was able to reach Tanya after hours and she not only helped me through sorting it out but followed up to make sure I was being looked after first thing the next morning. Very impressed with Tanya's support and the speed of EC Credit Control.Carissa Taylor14. February, 2024.As a new Accounts employee, this was my first time dealing with EC Credit and they were a breeze. I have called Monika for the smallest of questions and she has been most helpful. I didn't know we could contact them and ask for the advice that I have. I would highly recommend them. Carissa - Navace Pty LtdCaroline Burnett12. February, 2024.Tanya is super helpful and extremely professional with a great sense of humour. She really understands what we need for our business. Highly recommend!! ????☺️nick fish9. February, 2024.Due to the fast growth of our business and increasing size dollar value size of our orders it was obvious we needed to tighten our trade legality terms to ensure the safety of our assets be they business or personal liabilities. After some positive interactions with Chris last year we decided to meet up with EC just last week to discuss. The information presented was concise and explained brilliantly making it simple for us to understand our current requirements and what to do next. We now have robust documentation to get paid on-time & in-full. Confident for future products with less stress.”ENL Property Management2. February, 2024.We have been dealing with Ec for at least 5 years and can not recommend enough.Robert Turner11. January, 2024.Fantastic company to get your business trading terms up to date Tanya Pascoe is a fantastic Rep and supplies a good follow up service for questions and answers. I would Highly recommend the EC Credit team to any business.
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