What's the best way to recover your debt?

Outstanding claims often cause many frustrations. Not only does it take extra effort to get the money you are entitled to, many entrepreneurs hate to call other companies to ask where their money is. As a result, the collection of outstanding receivables often receives too little attention. This is a mistake, especially for small businesses. Our collection specialists give you a number of tips on how you can best collect an outstanding invoice.

Tip 1: Call your customer and send a reminder

Despite your best efforts during the initial phase, you still may have to deal with unpaid invoices. When this happens, it is important to act quickly to recover your debts. Our advice is to first call your customer to ask why payment has not yet been made, and when you can expect the payment. By talking to your client, you often hear the genuine reason why the payment is late. During this call you can then make clear agreements about when you should receive your payment. It is important to always follow up phone calls with an e-mail to confirm these agreements.

Are you worried about calling your debtor? Read our tips for calling debtors here.

Have you still not been paid despite your telephone appointments? Then send a written reminder to your client to ask them to pay. Put in it, just like with the invoice, clear payment terms and details about the payment.

Tip 2: Recover your debt with a specialist

If payment is not made despite your best efforts, it is wise to transfer your outstanding claim to a collection agency or lawyer. Do not wait too long for this: the longer you wait, the smaller the chance that the claim can still be collected. Certainly, when a company is in financial trouble. After transferring your case, our debt collection lawyers and specialists immediately start working on it. We are fast and make sure that you still get what you are entitled to: the payment of your invoices.

Other tips for reducing late payments:

Tip 1: Check new customers

Prevention is better than cure. A cliché, but certainly true when it comes to collection. Before you start a business relationship, it is therefore important to check the creditworthiness of your potential customer. This way you prevent yourself from collaborating with a company that is not in a good financial position and may not be able to pay your invoices. So, make sure you always do a thorough check on new customers before you say yes.

Tip 2: Professional debtor policy

Sound credit management is also essential to prevent late payments. Make sure you send the invoices to your customers in time and that you have insight into when these invoices must be paid. In addition, it is important that your invoice contains the correct information, so that no misunderstandings can arise about the payment. This prevents invoices from not being paid or not being paid late. You also show that you have professional credit management.