Here at AVC Debt Recovery we advise all our clients that prevention is better than collection, even if total prevention means we will effectively be out of business. Whilst nothing can prevent a common cold or a bad payer here are our top tips.
1. Agree what is agreed at point of deal. Agree what you will provide, when and for how much.
2. Confirm it in writing, even a simple email is a powerful contract.
3. Don’t let the euphoria of sale blind you to the basic fact that it is not a great sale until the money is in your account.
4. Know your customer before you extend them credit - credit checking is often looked upon as a cost, but can be a sound investment even if the credit check precludes a sale.
5. Never be frightened to ask how you are going to get paid, who is going to pay you and any specifics required for you to get paid OTIF.
6. Always send over a set of Terms and Conditions when you confirm any sale. Invoice and deal with any disputes promptly.
7. Have in place commercials that tie in with your Ts & Cs and execute a clear and concise credit control policy.
8. Chase for so long then know when to pass the outstanding amount (debt) to a professional debt collection company.
If you are experiencing any issues with late payments and are worried that a later payer may turn into a bad debt please call us for a no obligation consultation with a debt recovery expert.