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Hello,
Need advice from some more experienced business owners.I have been in IT world for a while now, but recently started my company. We have couple of clients that have not paid invoices. We offer NET 15 for On-Call clients ( they call us only when they need us ). I would like to know, how long do you wait before sending a friendly reminder? The work for unpaid invoices was completed successfully and client was happy. We touched bases with client few days after work was completed and they were very happy. I don't want to lose client ( even though, this is not type of client we are after ), but don't like to provide free work either, esp. when each invoice is close to $1000. I was gonna wait 10 days and send out statements with over due amount. Thank you |
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Net 15 is too long, in my view. Net 7 max for those types of clients. If I had net 15 and i hadn't received it by the 16th day, i would be straight on the phone with a very friendly and cheery attitude reminding them of it but also a direct question of when it would be paid. Especially for those kinds of amounts. Don't be timid. They employed you, they presumably knew what you cost, so they pay for it when its due. Just about any kind of business coaching will tell you to chase up the money as soon as its is overdue.
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1) we send statements every monday without fail
our custom app that talks to QB does colour coded HTML statements via email invoices not over due are green overdue invoices are red this technique works pretty well 2) in QB we apply finance charges every month, minimum $20 fee for overdue account 3) in our custom app we are working on some new account receivable modules that will email customers as soon as an invoice goes overdue Steve |
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Thank you for the suggestions/recommendations. I guess we'll learn on this mistake. Tried contacting customer via email/phone, still no luck. For the future I am thinking of maybe getting a form that will have customers credit card info and their signature approving total amount due for the job and keep it in case they decide not to pay.
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