How to Master Credit Control (and Actually Get Paid Faster!)
In today’s fast-paced business world, getting paid on time is half the battle—especially when cash flow is king. But fear not! Here are some sharp, straightforward tips to keep cash flowing in and your credit control tight, without turning you into a collection agency on wheels. Let’s dive in!
Be Clear from Day One
No one likes surprises—especially your customers. Be upfront about your payment terms from the start, including due dates, fees, and payment methods. Ensure these are visible on quotes and invoices, and never assume they’ll remember. If your terms are clear, there’s no excuse for late payments.
Get Personal (Politely)
Build relationships with your clients’ accounts team. A friendly reminder email goes a long way, but a quick phone call can be more effective. Politeness, paired with a “just checking in,” works wonders. They’re more likely to prioritise a friendly voice over an anonymous email.
Make it Easy to Pay
Simplify payment options to make paying you as easy as ordering a coffee. Offer direct debit, online card payments, or even standing orders. People tend to delay what’s hard, so make paying you straightforward and fuss-free.
Prompt Invoicing is Key
Waiting weeks to send an invoice? That’s valuable time lost. Send invoices immediately, right after the work’s done or the product’s delivered. Invoicing quickly establishes you as organized and professional and signals to clients that you’re on top of your game.
Friendly Reminders (and then Some)
Automated reminders help you follow up without sounding pushy. If reminders don’t work, don’t be afraid to escalate tactfully. Keep a sequence—gentle first, then more insistent as deadlines pass. And remember, persistence isn’t pestering; it’s professionalism.
Reward Early Payers
Everyone loves a good deal. Offering a small discount for early payments can encourage clients to pay sooner. Think of it as “cash flow encouragement”—give a little to gain a lot.
Remember:
In short, keeping credit control tight is about being organised, clear, and just a bit persistent. The sooner you make payment terms known, the quicker you’ll see your invoices settled. And remember, cash is meant to flow—not trickle.
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