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Fixing Your Payment Problems

It only takes one or two slow-paying customers to throw your company’s finances off. Understanding what might be going on with your customers and being proactive can help you keep your accounts receivable on steady ground.

Stay on Top of Purchase Orders

If there’s a mix-up involving a purchase order and your invoice doesn’t match up with the customer’s purchase order, your invoice could end up on the “problem” pile instead of the “pay” pile.

Be proactive by verifying that the purchase order numbers on the invoices are correct before the invoices are sent.

Review Your Credit Requirements

One reason your customer may not be able to pay you is because your customer’s customers haven’t paid their bills. Regardless of the reason, be the squeaky wheel and keep communicating with your past due customers.

You can help reduce your exposure to customer cash shortfalls by tightening your credit requirements.

Focus on Superb Service

Goods get damaged in transit or end up being delivered to the wrong address. It happens. Rather than make a phone call, customers may just “file” your invoice at the bottom of the pile.

Follow-up emails or phone calls to find out if your customers are satisfied will help identify any issues, calm irate customers, and help improve how quickly you get paid.

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