Making sure your customers pay on time isn't an easy task. It's an issue that can have a serious impact on your business. Late and non-payment of debts can impact your cashflow greatly. If the problem isn't addressed quickly, it could even force you out of business.
To ensure prompt payment, the inclusion of interest on late payments and reasonable debt-recovery costs can be a good deterrent to casual late payers.
There are however a number of things you can do to persuade customers to pay on time before taking this action. Having a set of clear terms and conditions and offering discounts for early payment are a great start to encourage early payment.
Our aim in this guide is to help you polish your credit management procedures and give you an insight to the legal procedures that we can take for you should he need arise.