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You start a business with the hope of great success and profitability right? You provide a service or produce goods which you deliver on time, resulting in a happy customer. So why do so many companies feel uncomfortable about chasing payment? I was amazed to read some statistics in an article posted on smart company …

We asked David Pulver, Divisional Manager at Gallagher Trade Credit for his top 5 tips for business owners when dealing with credit policies and how to protect your business against loss. Here’s what David had to say See more at Gallagher Trade Credit’s website www.ajg.com.au or phone David directly on (02) 9242 2050

Keep a close eye on your internal processes! In the case of defective goods, a return is obvious. When this happens, quality control, purchasing, sales, customer service and the credit department must all have good communication so that problems are minimized.

When your frustration has completely boiled to the surface with you debtor/s it may be time to call in a debt collection agency. Typically once your invoice has reached 90 days the chances of recovering your debts becomes exponentially lower…

I often get complaints from new clients that they offer discounts for early payments on invoices, however their customers either send a cheque on the due date (which obviously gives them up to seven extra days!) or simply pay late and deposit the discounted amount making it not worth your while to chase them for the rest.

Rescue your cash flow by keeping on top of your debtor payments Accounts receivable is a vital cash driver because at the end of the day, your business day’s receivable could be the defining factor in terms of the financial viability of your business. Cash is practically the lifeblood of your business and it drives …

The most common problem we find with clients is their inability to make those very important collection calls for overdue invoices. Most small businesses struggle with this aspect as usually the person doing the collecting is the person who is doing the work which can make it a little daunting to pick up the phone. …

A common question a potential client will often ask me is: Will you hassle my customers? The simple answer to this is no. Yes we do collect your money for you and yes we do chase payments for you. However, factors only really do what you do, or what you should be doing. This means we simply …

I had a call from a recent potential client about having to chase his customers to pay invoices. He explained it in such detail about the excuses he was getting and the run around he got every time he called that it reminded me of a funny episode of the Simpson’s which I think visualises …