Speed Up Slow Paying Clients

A major concern in business today is the Slow Paying Client. Late payments create a problem that is sever in nature and can be catastrophic in nature to credit giving supplier.

To speed up slow pays:

1. Offer discounts for early payment.
2. Have a get tough policy and corporate image by pushing for full payment as soon as the invoice becomes late.
3. Be prepared to not accept denials, delays, denials and disputes by making sure invoices/statements are correct when presented to the client
4. If absolutely necessary, accept partial payment and/or installment plans.
5. Add late charges, follow strict credit limits and COD policies. Habitual late payers need to be put on COD immediately.
6. Include a copy of the credit policy on statements and invoices.
7. Use a collection agency when necessary, remembering that the agency or attorney will keep a portion of the monies collected.

Jerry W. Williams is a business consultant and coach in the area of Growth Ventures and would like to help you take your company to the next level of Success Through Excellence. Linkedin,www.jerrwwilliams.com or email him