Taking Steps to Deal with Account Receivables
• E-mailing invoices and hand delivering if possible or a registered post. It ensures you have proof of sending.
• Offering a variety of payment methods – by offering online payment portals that accept a variety of payment options via several channels, companies stand the best chance of receiving payment on time. Online portals are open 24/7 and offer a convenient option for all customers.
• Establishing a credit policy – for any company that is considering extending credit to its customers, performing a credit check is certainly worthwhile to assess the customer’s ability to pay.
• Regular review of accounts receivables – it is vital to track the aging of accounts receivables and follow up on all overdue accounts systematically after a certain number of days.
• Follow up any unpaid invoice with a telephone call if a payment hasn’t been received after a certain time. Speaking directly to the customer is the best way to maintain a positive customer relationship and resolve the payment problem as quickly as possible.
• Maintain a record of collections – a log must be kept of any overdue account, including times and dates of all e-mails and phone calls and the customer’s response.
• Offering discounts for making payments early – customers are more likely to make an early payment to a company that offers them a discount for doing so.
• Using a collections agency – companies that find they cannot collect their debts, even when they have followed all the above methods, should submit the overdue account to a professional collections agency.
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