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Prevent late payments with these 5 tips

30-11-2023

Effective payment management is crucial for every business. Here are five tips to ensure your invoices are paid on time.

1. Maintain personal contact with your customers

Build a personal connection with your customers. A good relationship promotes timely payments and allows you to identify any issues early on. For a large customer base, segmentation via customer scoring helps focus on the top segment, where personal relationships have the most impact.

2. Check your customer’s creditworthiness in advance, but also seek opportunities

Use our credit report to check the creditworthiness of customers. Flexibility in payment terms for solid customers is crucial. Regular updates of creditworthiness through our credit report are advisable, especially for recurring orders. Order the best credit report in the Netherlands for only 12.95, delivered to your inbox within 5 minutes.

3. Don’t wait with your invoice and be clear

Timely and clear invoicing is essential. Let your customers know that the payment term is taken seriously. Clearly state the due date on the invoice so that it is clear to the customer when payment is expected.

4. Request a partial payment or the full amount in advance

Consider asking for a deposit for orders with upfront costs. It strengthens trust and is understandable for the delivery of goods or services with upfront expenses. Focus on a balance between trust and business interests.

5. Encourage electronic payments

Electronic payments are not only common but also efficient. They ensure quick processing and immediate availability of funds. Clearly state your bank account number, name, and reference on invoices to facilitate electronic payments.

A proactive approach, combined with modern tools, not only promotes timely payments but also builds sustainable business relationships. Implementing these tips can optimize your cash flow and improve your business results.

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Edward Flannery
Edward Flannery

Are things not crystal clear? I will be happy to help.