Smart Ideas to Deal With Unpaid Invoices

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SMART IDEAS TO DEAL WITH UNPAID INVOICES
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POINTS TO BE DISCUSSED
Send Humble Reminders Ask For Advance
Payments Hire Accounts Receivable Staff
Member Send Billing Statements Call Your
Customers Determine Right Time To Escalate Build
a Positive Attitude Charge Late Payment Fees
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1. SEND HUMBLE REMINDERS
It is very important to send humble reminders to
your customers through emails and SMS. Make sure
that the message of the reminder will include the
details of the purchase and overdue payment. You
should also mention the last date of payment and
late payment fees. Invest in the accounts
receivable solutions that automatically generates
reminders and send to your customers.
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2. ASK FOR ADVANCE PAYMENTS
Some business owners set policy for upfront or
early payments. The upfront payment is a
percentage of total payment amounts. You have to
pay a small amount before purchasing products or
services and make the rest of the payment after
receiving products or services. The upfront
payment will help you to ensure that there will
be no unpaid invoices.
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3. HIRE ACCOUNTS RECEIVABLE STAFF MEMBER
All business owners should hire a dedicated staff
member to take necessary follow up and ensure
continuous cash flow. The experienced staff
members will make sure that your business will
not have a huge volume of outstanding invoices.
You should also invest in the cloud accounts
receivable software. This software will automate
the process of collecting payments from
customers.
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4. SEND BILLING STATEMENTS
You should send billing statements to your
customers and this can be done through
automated invoice automation software. It is
important to make sure that your customers should
know the billing statuses, which are overdue. You
should attach the billing statements to your
customers as a reminder. The billing statements
should be focused on the invoices that have not
been paid.
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5. CALL YOUR CUSTOMERS
You should call your customers for a to follow
up. These calls will help to maintain good
relationships with customers, and you can also
tell them about the delayed payment status. If
you want to build a good relationship with your
customers, then you should ensure that it is
important to call your esteemed customers. You
can have a chat with them and ask the reasons for
the delayed payments.
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6. DETERMINE RIGHT TIME TO ESCALATE
You should know your customers and understand
their behavior. Also, you should send them
payment reminders and start taking the follow-up.
All clients have different behavior, temperament,
and different time schedule to make payments.
Some clients pay after 35 days and ensure to pay
before the deadline. You should prepare a good
follow up strategy and get payments at the right
time.
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7. BUILD A POSITIVE ATTITUDE
You should never let your customers feel that you
are worried. You should always stay positive and
confident in your work. Also, you should make
sure that your customers do not find any silly
reasons to delay the payment process. You should
encourage your customers to make on-time payments.
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WHO WE ARE
At Troveworks, we offer the easiest way to
collect invoices faster through our free
collection management software automation
solution. Troveworks automated accounts
receivable software application simplifies the
collection process for Zuora, Netsuite,
Quickbooks and many more billing solutions.
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