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7 Tips for Effective Credit Control

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7 Tips for Effective Credit Control

On March 18, 2016, Posted by , In Credit Control, With Comments Off on 7 Tips for Effective Credit Control

Your credit control system can always be made more effective. We have put together 7 top tips for effective credit control.

effective credit control

effective credit control

1. Provide Multiple Ways to be Paid. Ensure your customers can be paid by the following methods, and ensure they are clearly on your invoice and other correspondance to the customer:

– BACS into your bank account
– Cheque
– Credit and Debit Cards
– Direct Debit

2. Keep your customer details up to date. We suggest at least once per year to check your customers details are correct including:

– Company name and full address.
– Accounts contact name, email address, telephone and fax number.

3. Ensure any purchase order numbers the customer has provided, is on the invoice and clearly stated. Customers provide purchase order numbers as they are an internal document for them, and if they match one of your invoices then it is likely payment will be within the payment terms. Missing out any purchase order numbers is just going to delay payment and give your customer a good reason for none payment. If there is no purchase order number, then use the customers contact name who ordered the goods/services.

4. Include your contact details on the invoice so if the customer has a query about the invoice then its easy for them to contact the correct person. Include your full name, direct dial telephone number, fax number and email address.

5. Payment terms, e.g. 30 days, should be displayed clearly on the invoice with a due date for payment.

6. Invoice on time, and use the correct customer details on the invoice.

7. Send out your invoices, statements and letters by email. But ensure a read receipt is attached to the emails. Any emails unread, follow it up by a phone call to ensure you have the correct email address.

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