Netty’ D, Founder, Billionaire Babes asks the question “Are your overdue accounts killing your business?” She goes on to admit “They were killing mine.”
This is what Ezypay is all about – helping businesses with their overdue account. Hopefully not letting them get to the point where they are overdue and providing better cash flow for many businesses across Australia and New Zealand with our awesome direct debit payment services.
I am sure Netty’D as a champion of improving businesses, would not mind me sharing her recent email to me with you.
“How frustrating is it when you are in business and your precious quality time is taken up chasing overdue accounts? Even worse you hire someone to handle your administration and their day is taken up chasing the overdues?
Have you ever calculated what the cost of that task means to your business?
How much money you are losing due to the lack of customers follow through with payments? I say to my clients “why should you bare the cost when you have followed them up and sent reminders.”
Here are 3 tips on how to clean up your books once and for all and nip this painstakingly task in the butt.
1) Pay prior your services:
Ever notice your clients are super motivated prior having your services but once you’ve helped them with their challenge, the pain motivator has vanished? In turn they are now stuck with the pain of paying a bill, and aren’t so motivated?
Ever thought of getting payment in advance or at the very least a 50% deposit to secure the work. For some you need to secure the date or any of the outlays that is required for you to purchase to do the actual job.
2) Put your clients on direct debit:
Before moving ahead and giving your services place you clients on a direct debit system through a secure online program or company.
3) Charge Interest on their overdues:
Yep you read right.. why should you have to be out of pocket by using your precious time in continually having to follow up, draft letters, check their part payments, responding to emails of excuses, or taking phone calls of why they can’t pay.
Sending an overdue letter will only do half the job, so I swapped to sending out a very nice letter of warning if clients fall later then 30 days I say very nice as I want to always keep the rapport with my clients but they need to know you’re not a charity service or a push over.”