4. Set Time Bound Deadlines For Customers.
You must notify every customer clearly by when they are supposed to pay the entire amount. If the collection amount is huge, you can set different intervals at which they can make the payment so that there are no defaults. When calling them to ask for payments, you can inform that you will call back again to know the payment status. This will let the creditors know that you are not someone whose payment they can avoid for long.
5. Escalate The Matter If There Is A Need.
If you need to ring up your client’s office again and again and do not receive a positive response from their executives, do not hesitate to speak with the senior managers regarding the payment. Once the matter escalates to them, there are high chances that you will receive your payments within just a few days of it.
We hope that the aforementioned tips for effective credit control will help you to manage your cash flows from creditors in the right manner. You may hire a reliable credit control agency to assist you in this process if you have time restraints or are otherwise unable to induce the creditors to pay on time.Also See: Credit Control, Effective Credit, Bad Debts, Too Long, Payment, Credit, Control