![]() What means of communication are used? And when do you use which means of communication? Payt has extensive experience in setting up optimal processes. But the outcome is not the same in every industry. Finding the balance between nice and strict makes a difference. Optimising your invoice collection processĪpart from the improvements mentioned above, many improvements are in the details. That solves many problems, so that payment can still go ahead. Finally, always give the debtor the option of simply sending a message. And that is perfectly possible digitally and automatically. And therefore asks for the money to which he is entitled. But there is also the psychological aspect of someone being proud of what they have delivered. Secondly, a tight follow up process always results in a clear improvement. These can be credit card payment options or other payment options used. Our figures clearly show that in most industries, offering a direct payment option has the most positive influence on the payment period. ![]() The bailiff will advise you where necessary about the follow-up actions and risks. This process is sometimes even more difficult than obtaining a judgement. After you have received a judgement, the bailiff will also try to collect the invoice amount. The amount of the invoice determines which court your case must go to. Here, you will be using a bailiff to take your case to court. The last step is a legal collection process. But we think that it is still better to keep this process in your own hands. There are collection companies that take this work off your hands. Firstly, an out-of-court collection procedure. If an invoice is still not paid after several reminders, you have two additional steps at your disposal. Read more about when to send a payment reminder. This proves that waiting for a payment is not wise, but also that automation is very clever. ![]() What is striking is how quickly customers pay immediately after the first payment reminder. Payt debtor management software sends reminders automatically for its customers. Or an SMS as an extra means of communication. But some customers are better off receiving a letter. Most organisations use email as a means of doing this. When an invoice expires, it is best to send a reminder as soon as possible. A communication platform for you and your customers makes a big difference in customer retention. And this is where a great opportunity for after-sales is missed by many organisations. This is often forgotten, but there really are many examples of customers who contact you about an invoice. Thirdly, the communication platform for customers. ![]() The final step is to forward the entire file to a bailiff, so that he can obtain a judgement through the courts. A cash collection software will help a company reduce unpaid invoices and have healthy debtor management. And if payment is not forthcoming, starting a collection process will benefit the collection rate. Secondly, the collection process must be organised by means of smart reminders by email, post and SMS. Ease of payment not only ensures faster payment of overdue invoices, but also of invoices that have not yet fallen due. Three things are very important to get invoices paid faster. It gives value to the service or product delivered. And customers appreciate a tight but neat follow up of the invoice process. After the payment term, the chance of payment decreases by about 1% per day. Nevertheless, it is wise to keep a tight rein on communication. People do not want to be bothered, and maybe the invoice will be paid today. Contacting a customer about an outstanding invoice is gladly avoided, if possible. Dealing with outstanding paymentsĭealing with overdue payments is often a difficult subject for many organisations. In this article we explain how you can solve the problem of unpaid invoices. In addition, it is known that about 30% of all bankruptcies are solely due to a liquidity shortage. This is not to say that liquidity improvement can be obtained mainly in this group. It is not unusual for 35% of all outstanding invoices to be overdue. They often represent the largest part of a company’s outstanding money. Sometimes there is a dispute, but by no means always. Unpaid invoices are all outstanding invoices of an organisation.
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