How to Ease the Frustration of Late Payments

You’ve provided the goods or services. You’ve sent off your invoice. Then…

Silence.

It can be difficult when you’re following the correct procedures but are still receiving no communication from the other side. Frustration and stress can kick in over this as cash flow tightens. One late payment can be the knock-on affect to major financial issues down the line, particularly with SMEs.

This is where keeping your calm comes in, especially when contacting those tricky customers.

Here are some CTCC Tips to keep your cool when payments are in late.

Double-check everything! Before contacting someone, make sure that you have sent off the correct invoice to the right email address. It may just be a case of the invoice going into a junk folder. Giving the client a call can clear a lot of this up and can be a gentle reminder for them to pay the invoice.

Have a clear credit control policy A credit control procedure is vital in making sure you are paid. This will provide you with a clear structure and can prevent frustration that may come with non-payment. You will be able to know where you are in terms of next steps to try and recover your money. Being organised can ease the stress since you won’t be feeling lost in what to do next.

Patience Perhaps one of the most essential qualities in credit control is patience, especially if you want to keep those customer relationships intact. Tricky clients will want to try and avoid paying as much as possible. If you lose patience, then it may result in completely ruining any possibility of a future trading relationship.

It’s important to note that this does not mean to let clients push you around though. Finding a balance of remaining calm and persevering through your credit control procedures is exactly what’s needed to keep stress at bay.

Outsource Credit control can be quite difficult to tackle on top of running all the other aspects of your business. Outsourcing may just the option for you. A credit controller can take on anything from invoicing to chasing up late payments.

If you want a bit more help with getting back on top of your finances while still maintaining those all-important customer relationships, then give us a call on 01209 823118 or send us an email at info@ctccsolutions.co.uk.