What to do if a customer doesn't pay their invoice on time?

It's important for a new entrepreneur to make sure that their business has a healthy cash flow. You're bound to encounter situations in which, for one reason or another, a customer doesn't pay their invoice on time. Often it's the returning customers that cause the biggest credit losses, and making up for even one credit loss will require bringing in several times more additional sales.

Take note of the below tips to avoid credit losses and ensure a continued customer relationship despite a temporary inability to pay. 
 
  1. Check each new customer's credit information before doing business with them. Also, check your existing customer's credit information if they buy more and want you to extend credit to them, and follow your important suppliers' and subcontractors' ability to pay. You can do this easily through Intrum's Credit Information Services.
  2. Invoice your customers regularly. 
  3. When a customer has received the goods or service, your company is entitled to a payment, according to your agreement. Remind the customer immediately if you don't receive the payment by the due date. The sooner you react, the surer you'll get the money into your account. 
  4. Also, keep records of all your receivables. If your customer doesn't pay on time, let Intrum's specialists help you. Intrum will ensure, with great expertise and discretion, that your customer relationship can continue despite temporary payment delays. 
 
As an entrepreneur, you make the decisions about your business. In an uncertain economic situation, having foresight is the best kind of risk management and it forms the basis for a good credit policy for the company. When you want to focus on your first priority, building your business, Intrum offers a range of collection services for your company's needs.
 
You can easily transfer overdue invoices to Intrum for collection also through OP-mobile.