5 No-Nonsense Strategies for Chasing Payments

Late payments can cripple your business. Don't let them. Here are 5 straightforward strategies to help you chase payments effectively:

1. Set Clear Payment Terms

Establish a clear payment schedule, including due dates, accepted payment methods, and late fees. Make sure customers understand the consequences of non-payment.

1. Don't Be Afraid to Follow Up

Send reminders 7-10 days before the due date, and again 1-3 days after. Use email, phone, and letters to ensure you get through. Be polite but firm.

1. Use Technology to Streamline

Automate reminders, use online payment portals, and leverage accounting software to track payments. This will save you time and reduce errors.

1. Make Late Payments Costly

Impose late fees and interest rates to discourage tardy payments. This will encourage customers to pay on time and respect your business.

1. Escalate When Necessary

Don't hesitate to involve a third-party collection agency or take legal action if payments are consistently late. This shows you're serious about getting paid.

Remember

• Clear communication is key

• Consistency is crucial

• Don't be afraid to take action

By implementing these strategies, you'll be able to effectively chase payments and maintain a healthy cash flow. Don't let late payments hold you back – take control and get paid.