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Debt Recovery: See Results, Not Hear Excuses (We Can Help)

A survey conducted of 1000 CEO’s and Directors of small to medium sized businesses across the UK by digital banking platform Tide, confirmed they are chasing a combined total of more than £50bn in late payments.

It is well known for clients who owe you money to want to try and delay payment; however, reaching the payment due date and not seeing any forthcoming payment can be frustrating for you as an individual and a business. As a starting point for you, we have put together some of the most common excuses for not paying invoices on time, along with some tips on how you can address them.

“We haven’t received your invoice”
There is nothing worse for you than calling your client for fulfilment of an invoice and hearing the words “I haven’t received your invoice”. It is always worth telephoning a company once an invoice has been issued, and following up with an email, to check they have received it as opposed to waiting until the invoice is overdue and then needing to take the time to chase payment.

“I never agreed to this”
Never begin work without a contract! A copy of good Terms & Conditions protects you, the business’ needs, and your livelihood. Having a copy signed by the customer is paramount if your business ends in dispute, as it shows exactly what they did agree to.

“Payment is on the way”
Always request evidence of the payment such as the method of payment, and, if paid by cheque, request the cheque number, amount, date of cheque, and the date it cleared the bank.
Bacs: always request the date of payment, amount, and evidence this has left their account, such as a screenshot of the deposit being made.

“I can’t pay until I’ve been paid”
It is important to be firm that you still expect to be paid as per your Terms & Conditions unless you are willing to agree an extension and/or agreement over a set time; you will need to consider escalating this case to our specialist team.

“I'm not paying, there's a dispute”
If a genuine dispute is highlighted but has not yet been raised already, request details to formally address your client’s concerns within your company’s complaints processes, however, make it clear once you deliver your outcome you expect your invoice to be paid in full.

“The person responsible for paying invoices is out the office.”
Firstly, confirm when this person is due back in the office and then continue chasing them on this date. If they are on holiday for the next two weeks or on sick leave for an extended period and unsure of when they will return, then companies will have an authorised person to make payments in their absence. Find out who this authorised person is to process the payment on their behalf as soon as you can.

If you are finding that you are spending more time chasing late payments than you are on building your business, then contact our team of experts to see how we can help you!



Reference Sources:
https://www.tide.co/blog/tide-update/new-research-uk-smes-chasing-50bn-in-late-payments/

Posted 12th May 2020

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