Dealing with common excuses for account non-payments
24/08/2011 - So, what are the most common excuses for late payment that you hear?
- The debt isn’t due
Make sure your customers are aware of your trading terms in writing and strictly enforce them.
- I haven’t received the invoice
Immediately send them a copy by email or fax and call to ask if they’ve received it straight away.
- The person who signs the cheques is away
Try to call your customer early in the morning or late at night to catch them off guard or ask to be transferred from another department in order to get through to the person you need to speak to.
- We require a purchase order number
It’s often an excuse, but often all you can do is provide the number or immediately go to the person who ordered your product or services and get them to supply the order number.
- The invoice is in dispute
Immediately contact the person who ordered your product or services.
Did You Know…Invoice discounting in The UK
- Confidential invoice discounting or factoring are forms of cash flow finance being used by nearly 50,000 UK companies with the biggest growth area being confidential invoice discounting. These companies are generating a combined turnover in excess of £132 billion according to statistics released by the Invoice Discounting Trade Association and are still on the increase.
- In a UK survey 56% of SMEs said that they would prefer to use an independent invoice finance company rather than one owned by a bank. 41% of those respondents said the reason for their choice was due to a desire for "personal service".
Accounts Receivable Referral Program
Next time one of your customers gives you one of the above excuses get them to contact your nearest Cash Resources office. It’s highly likely that we can resolve your cash flow issues and you will get payment pretty quickly. Also let us know that you referred us.
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