How to Increase Your Chances of Successful Payment Settlement?

If you deal with your vendors and suppliers on a credit basis, you may have gone through the trouble of making them courtesy calls concerning the payment. However, the answer could have been unexpected. It mostly happens when there’re several vendors involved, and keeping track of transaction acknowledgments makes sense. 

Your chances of successful payment settlement increase when you have got everything in order, from invoices, last payment records, and copies of the contract. It all helps in influencing commercial credit defaulters that they need to make the payment soon. 

If you, as a businessman, are also dealing with such a situation, let us help! We’ve got smart tips and tricks that can help you speed up the payment settlement process. 

Go Well Prepared

Even after making a lot of calls, your vendor is turning a deaf ear to your request. So, how do you tackle such a case? The best thing is to make a visit to their place and go prepared. Take along every receipt that you think would help. All the invoices, bills, payment records, and contract copies state the payment terms clearly. 

Document everything as it will help you save time and effort. When you have proof records by your side, your debtor can’t make excuses for long as numbers don’t lie. 

Take Proper Notes During The Meeting 

When you pay a visit to your company credit defaulter, you should be proactive in taking notes of the meeting. He or she may assure you of timely payment and even give you a deadline. Keep that in writing. It will provide a fair idea if your payment defaulter is willing to pay or not. 

If you’ve got a good working relationship with them, try to understand their reasons and if it makes sense. They could be experiencing a cash crunch currently and need more time. 

Offer Flexible Payment Options

This point is in addition to the previous one. If you’re convinced about the delay in payment, you can offer flexible payment terms to your vendors. Allow them to pay in installment but set a deadline for each installment. Calculate the total debt and think of strategies that benefit both you as well as the payment defaulter. It’s wise to listen to your vendors and understand where the conversation is leading. Work out a plan that increases your chances of successful payment settlement.

Follow up in a Professional Manner

You want your money back, and you want to fasten the payment settlement process. However, it may irk the debtor, and he or she may intentionally delay the payment further. Here, you can schedule the follow-up and use different communication channels, including phone, SMS, and email reminding your debtors regarding the payment. 

Approach a Credit Information Bureau

You have done it all – made courtesy calls, visited your debtors, and showed them all the records. Still, your vendor is not willing to make payments, and you’re left with a confused state of mind. We understand that it could look like a challenge to you if your vendor makes another excuse and you’re not convinced. 

You may think of approaching legal authorities, but there’s a better solution than that. Consult with the CreditQ team and lay your concerns with them. The team can help you settle your stuck money through a proper, standardized channel. 

It’s your hard-earned money and should come back to your business only. The next time you think of forming a partnership with a new business, make sure to review their business credit report and determine if it’s a good idea to shake hands with them. 

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  1. author
    27 Aug 2019
    Tomas Mandy

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    1. author
      27 Aug 2019
      Britney Millner

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  2. author
    27 Aug 2019
    Simon Downey

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