Getting Paid

Credit control starts the moment you meet your customer. When you quote for a job the payment terms are just as vital as the amount itself.

If you have to offer 30 or 60 day terms to get the work then that is bad enough. But don’t make that then turn into 60 and 90 days. The chasing process should not start a few days after the payment hasn’t arrived, many companies use every excuse possible to delay payment. The skill is to tackle those issues before the invoice is even due.

The credit control process:

-       Invoice on the day the work is finished.

-       Call your customer a few days after the invoice has been sent to make sure they have received it and if it has been approved for payment

-       If it hasn’t yet been approved find out how long before it will be and chase again then to make sure it has. If there is a query then deal with the issue before payment is due.

-       A week before the invoice is due speak to your customer again and ensure the invoice is on the payment run for the following week.

-       On the day before payment call again.

If you haven’t done this before its due then your customer could use any of the above to delay payment. If you do it before, they have nowhere to turn other than pay you.

There is an emotion about chasing money, some find it awkward. But as soon as you have finished the job and invoiced, it’s your money. Remember that, it will help focus your approach, you don’t need to feel bad about asking for it.