Next time you call a customer to follow-up on an invoice, it is important you know how to sift through the excuses they give over the phone or in an email. Unless you know the precise reason why they are not paying on time, you may not be able to convince your customers to pay their invoices before their due date. Account receivables management and collecting payments can be one of the most surprising, upsetting and dangerous challenges small businesses face on a daily basis. So, you need a first class game plan.
Most of the time, your late-paying customers fall into one of five categories we describe in this ebook. For superb account receivables management, you should know how to identify each customer’s category, know the reasons and figure out how to act accordingly. Here’s a basic guide that might help.