What can you do to Prevent Overdue Accounts
As a growing company, it is hard to not allow certain companies or individuals to purchase your products or services because getting the business is important, however, these customers should not be allowed to spend too much, caution is necessary when dealing with customers with bad credit.
Here are some tips to help your business try to avoid overdue accounts:
1) Until a customer with bad credit prove themselves as a reliable payer, only offer minimum amounts of services or products while setting down your credit and payment rules that way they are reminded and know that you take on time payment very seriously.
2) Make sure when sending out invoices to stamp on or make visible the date of which the payment is due, you cannot trust that they will remember on their own to add the typical 30 days to the date on the invoice or that they will know. If the date is laid out for them, there is no excuse.
3) Discounts or rewards can be given to the accounts for early payments while interest can be charged to late payments. This method will reward those who pay on time and punish those who don’t.
4) Make sure your customers know that you keep a watchful eye on the accounts and when payments are due. Phone calls are a great way to remind them of due payments near the due date and the day after they are due if they are not in yet. If they know that you monitor your accounts they will be more apt to pay on time.
5) Don’t extend services or do business with a non paid account. If an account has yet to be paid, there is no reason to continue business with them until it is even, otherwise this promotes late payment because they know they can get away with it without any harm to them.
High Risk Credit Card Processor has the necessary tools to help you run your business efficiently. Contact us today at info@highriskcreditcardprocessor.com or visit our website at www.highriskcreditcardprocessor.com.
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