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6 tips to help with slow-paying debtors

Posted by Nick - Waddle's Marketing Manager on 29-Jun-2018 11:26:09
Nick - Waddle's Marketing Manager

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Slow-paying debtors? Here are some simple tips that will help you collect payment faster without damaging customer relationships.

Businesses are attempting to reclaim that ‘one-on-one’ customer relationship of bygone days, and with so much competition around, suppliers are going that extra mile with their customers to secure repeat business. Having the right procedures in place, however, is mandatory to ensure that payments are received within a reasonable time.


To avoid crushing the business relationship it’s important to establish the rules you’re going to operate under from day 1.


1. Set a precedent.

Start the relationship by establishing a clear structure which gives the customer a clear understanding of your expectations.


2. Adopt a friendly no-nonsense approach to every customer.

People respond to leadership and expertise. They’re also creatures of habit, so once you establish the structure your relationship can grow around it.



3. Mindset.

Remember that you’re entitled to be paid.



4. Relationships.

Get to know the people who pay the bills and don’t forget to include them when sending out your thankyou cards. People who know you will do their best to make sure that you get paid.



5. Be persuasive.

Get yourself on top of the list of people they need to pay.



6. Use Tools.

There are lots of reminder and automation tools available which send out payment reminders via SMS or email. These prompts will ensure that you’re not forgotten and the automation will save you time.


For more information and links to tools, click here.


 

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