Finance

How To Chase Money You Are Owed

For many reasons in business, companies often find themselves having to chase the money owed to them by customers. Late payments affect cash flow and cause unnecessary stress and worry. Therefore it is important that you take a few simple steps to try and eradicate the problem before you have to take steps towards debt recovery. Firstly, make sure your customer is aware and understands your credit terms and always print them clearly on every invoice you send. As soon as the invoice becomes overdue make a call to give a gently reminder for payment. If payment is not then received you should follow this up promptly with a letter or email. If there is still no response then you should telephone the company again to ask if there is a problem with payment and the reason for non payment. Keep up the pressure with phone calls and try to establish a date for payment. If all this fails then call round in person to ask for your money. It is not so easy to ignore a physical presence, do not be aggressive but calmly ask for payment. If all this fails you may wish to pursue the legal route yourself or employ a debt recovery firm to recover your money for you.

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