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How you avoid late payments
Late payments are never a good deal. We have listed eight points to help you get paid and avoid late payments.
1. Get to know the customer
Make sure you do business with the right company. Check the customer's details and make a credit report.
2. Create a credit application document
Ask the customer for basic information that will help you assess the risk of giving the customer a credit.
3. Secure conditions
Make sure the customer understands and signs the payment terms that apply before doing business.
4. Right credit time and limit
By finding out facts about the customer's business and financial history, you can apply appropriate credit times and limits. You can also get information about the customer through a credit insurance or through credit information.
5. Create a credit management plan
Make sure you have a fully documented credit management process. Create a plan for how claims should be monitored and who should be responsible for this.
6. Be communicative
Communicate with your customers, especially when payments are delayed or missing. Be polite, professional and persistent.
7. Follow up
Follow up if a payment is late and make sure your customer keeps their promises.
8. Collaborate with debt collection companies
Take professional help. With a debt collection company, you show your customers that you are serious and you get help getting paid.