Overdue payment is a reality for most businesses. However, it's essential that your company stays on top of the issue to ensure it doesn't negatively impact your cash flow.
One of the best ways to encourage clients to settle their account before it becomes an overdue payment is to make your terms of payment easy to understand. If the account still goes overdue, it may be advisable to contact your client to ensure they received your invoice. This may take the form of a friendly reminder phone call or an overdue payment letter.
If your business operates short-term credit payment terms, such as the standard 30 days, it's important to remember that you are still paying interest on the balance - even if it is only 1-2 per cent. And that's before the account is overdue. Once your client exceeds the payment terms you will incur additional costs - which may or may not be covered by any late penalties you charge the client.
Business Credit Express can help you to identify potential late payers before you provide credit or enter into a new business agreement. By utilising one of our world-class credit check products, you can identify poor payment history and request cash payment in these instances.
Business Credit Express is a part of Veda (formerly Baycorp Advantage). As a result, we have access to Australia's largest database of consumer and business information. In addition we access government and public data, company accounts, and third-party interviews to compile our reports.
Companies from all different industries use Business Credit Express reports to seek out financially stable clients and associates.
Australian companies of all sizes, from every industry, use Business Credit Express reports to manage the risks associated with providing credit.
The benefits of our products include:
- Quick and thorough analysis of a business
- Reliable online score for companies of all sizes and structure
- Minimises the need for expensive investigations
- Reduced application costs
- Reduced bad debt exposure
Purchase your Business Credit Express report today online.