Trusted by the financial big guns. From large corporations to government departments.
Bringing 50+ years’ experience of debt collection and recovery know-how.
Helped over 150+ businesses (and counting) to get their invoices paid.
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Trusted by the financial big guns. From large corporations to government departments.
Bringing 50+ years’ experience of debt collection and recovery know-how.
Helped over 150+ businesses (and counting) to get their invoices paid.
Learn more about how Paycada can help you protect your cashflow. We'd love to chat!
Book a meeting with EllaJune 23, 2022
Yet the reality is it can take far too much time dealing with your accounts and checking all your invoices have been paid.
A report by Tide, an online banking platform, discovered that the average UK SME is chasing five outstanding invoices at any one time, taking up to 1.5 hours a day.
Ultimately, chasing unpaid invoices is wasted time with no guarantee of a positive outcome.
But a good credit control process can help stop that.
Being experts in effective debt collection without alienating people, our best practise invoice chasing process helps you retain good working relationships with your customers and get paid.
Implementing a strict credit control process reduces overdue payments and helps to create positive customer relationships. Check out our 12 Step Checklist to Reduce Late Payments blog, which gives some sage advice on setting up payment terms, doing credit checks on new customers, and much more.
As part of your credit control process, create these email templates to use when accounts are overdue:
You could also remind [Tim[ that late payment fees of X% interest will be added for every day/week that no payment is made after XX days, as stated in your agreement. That should prompt them into paying immediately.
3. 10+ days late – give [Tim[ a call; that usually results in payment. After the initial pleasantries, ask if he received your emails about the overdue invoice and take it from there. Do they have any concerns that you can help with? And when can you expect payment?
4. 2 weeks late – this email needs to be firmer while remaining polite: "Hi [Tim]. We now require your urgent attention to our outstanding invoice, which was due for payment on [insert date]. This payment delay is becoming problematic for us, so it would be great if you would let me know as a matter of urgency when payment will be made. Best regards."
5. 30 days late – in this email, politely remind your client of your service agreement and state that you are now entitled to charge X% interest per day/week of the unpaid invoice. End with: ‘We would prefer to avoid this for your benefit, so please settle this invoice immediately,’ attaching the invoice.
6. Extremely late final reminder – include the words ‘FINAL REMINDER’ in your subject line. The body of the email could say: "Dear [Tim], further to my previous emails, I’m contacting you again regarding [invoice number] for [invoice amount due], due for payment on [due date], which remains unpaid. As we’ve not heard from you, unfortunately we need to begin legal proceedings against [company/individual name] to receive the amount owed."
Seeking legal advice can feel overwhelming. Try mediation first, being a cheaper way to resolve issues. The Civil Mediation Council’s website provides more information on this.
If you do need to get solicitors involved, be prepared for a lengthy, expensive process.
Automated fintech systems like Paycada save all that hassle and improve accuracy.
Integrating easily with your existing software, like Xero, Paycada has additional tools to fill the gaps and offers a better customer experience, freeing you up to get on with growing your business.
Paycada is a fintech solution with a big difference.
Paycada uses the latest in communication technology, providing superior tracking facilities to recognise customer behaviours – their payment and interaction patterns – dynamically adapting its automated responses to get you the results you need. Prompt payments!
Get in touch to discuss how our systems will help your business.
Created by Paycada experts