According to a recent study, a whopping 93% of businesses experience late payments from customers. Expert Gene Marks suggests tips to manage invoices and expectations.
in East Windsor, N.J., agrees. “We’ve seen a big increase in collection activity. We expect that to continue.”
So what can you do to collect the open invoices from your customers as quickly as possible? Here are some strategies.Use services like Dun & Bradstreet and Experian to do credit checks on new customers and separately establish credit limits and maximum order amounts so you can avoid exposure to risk. Make sure that your new customers fill out credit applications and that you verify all the information. Also regularly update the credit information for existing customers.
“It all comes down to getting as much detailed information as possible for the companies that you don’t know that want to do business with you,” said Torban, who also advises his clients to use the credit application process as a way to confirm payment terms.“You need be very clear about payment terms right up front,” he said. “You need to tell the customer that this is the product or service we’re providing to you and this is the time frame for payment.
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