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.
VENASO SELECTIONS2. July, 2024.we used EC Credit cony toll to write our T & C and we have been very happy with their service.
Joe Clark1. July, 2024.Terry has been very helpful. Has answered his phone every time I have called him.
Jamie Kemp18. June, 2024.Excellent customer service, strong knowledge, and always willing to help and provide advice when needed.
Aidan Lucas11. June, 2024.EC Credit Control have been great to work with. We have been using their services for around 10 years now. They are always available to answer any queries and absolutely happy to help whenever we need.
Felix Lim6. June, 2024.I have been with EC Credit almost for 15 years now. Overall I am very happy with the service they provide throughout the 15 years as they have all the times successfully collected money owed to me by my clients, never failed. As well, I highly commend their professionalism in dealing with me all these times.
Yvette Rose20. May, 2024.Portal is very easy to use and the EC team great to work with. Results in this case paid and finalized within 2 weeks.
Brett Parker13. May, 2024.I cannot speak highly enough of EC Credit Control and the exceptional service provided by Terry Foley. As a long-term client, I have consistently been impressed by the professionalism and efficiency of the team. Terry, in particular, goes above and beyond to ensure that every interaction is seamless and stress-free. His dedication to client satisfaction is evident in every aspect of our partnership. EC Credit Control makes the credit management process effortless, and Terry's expertise and guidance have been invaluable to our business. I highly recommend EC Credit Control to anyone seeking reliable and effective credit management solutions. Thank you, Terry, and the entire team, for your outstanding service!
Mairin Best23. April, 2024.I have engaged EC Credit Control services on behalf of our business and found them to be extremely professional. EC have provided a review of our terms of business and their debt collection services and we have been pleased with these outcomes to date.
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