Since payment morale differs from country to country it is important to have a professional receivables management behind one.
That is why we set up six simple rules for you which simplify working with defaulting business partners.
1. Check your business partner's credit rating at least every two years
2. Check and specify the due date of payment on each contract
3. First payment reminder should be sent one week after the due date is exceeded
4. Payment reminders should always include the following information: Defaulter, creditor, receivables, service, invoice number and invoice date, due date of payment, new due date of payment
5. Always send the invoice/payment reminder with the corresponding freight papers by registered post so delivery and receiving is ensured
6. After a second payment reminder and exceeding the first deadline for payment with at least 30 days, engage TimoCom CashCare