![]() This is having a catastrophic affect on the payment of invoices. Kim Redwood- Lee says, “Virtually every business, irrespective of size, is now feeling the full impact of coronavirus. If you would like to arrange a payment plan we would be more than happy to discuss this with you as we all need to support each other in these unknown times. ![]() We would really appreciate if payment could be settled please. Reviewing our accounts we can see that invoice XXX for £XXX is currently overdue. At (insert your business name) we are doing all we can to keep the cash flowing - endeavouring to pay suppliers owed and arranging payment plans where necessary. This is a difficult time for all businesses facing the coronavirus crisis and the resulting economic uncertainty it brings. An honest conversation is far more likely to help you get paid, while a solitary email can easily be ignored.ģ – If payment in full is not possible, consider an informal payment plan arrangement meaning you receive some monies, while your customer is not penalised for paying late. To get through this, honesty, understanding and flexibility will be key.ġ- A considerate approach to credit control will work best, especially as all businesses up and down the supply chain are now affected by coronavirus.Ģ – Send our template email, and then follow up with a phone call. Usually ‘good’ payers may well turn ‘bad’ as businesses are struggling financially and operationally to deal with the mounting pressure, this means that the usual ‘faceless’ credit control processes are no longer appropriate. Getting invoices paid – normal rules no longer apply To help we’re sharing our advice and a straight forward coronavirus late payment letter template for chasing payment of overdue invoices. We’ve been inundated with calls from business owners hunting for a simple process they can use to speed the payment of sales invoices and ensure the cash keeps flowing (even if it is a fraction of the norm). ![]() Getting invoices paid is the number one cash flow consideration in these uncertain times. Our guide to invoicing with success will also help to ensure that you have the right payments and invoicing arrangements in place for your business.įor a quick and friendly expert view on your position and your prospects of success in recovering this debt, select our speak to a lawyer feature and we'll rapidly match you with the right expert to get you the help you need.The easiest way to get invoices paid (coronavirus update)įollow our simple steps to bring much needed cash flow into your business during these uncertain times To discover more about managing debt within your small business, take a look at our guide to handling late-payers and bad payers and our guide to debt collection for small businesses. Don't forget to spend some time each month to go through your records of who has and hasn't paid you - and then make sure you chase any late payments promptly. Regularly check up on invoice and payment statuses. Our standard terms and conditions templates all contain this wording. Just remember to add a clause in your terms and conditions that'll allow you to easily do this. Revise your credit allowances (if you offer them) for frequently late payers. By not charging the late-payment interest (or any other penalties you have detailed in your terms and conditions), your policies will lose their authority - which, as a result, could make any future invoices you send seem less of priority to customers. If a payment is late, remember to follow through with your late-payment terms and conditions. If you are the recipient of an accusation that you owe money, you should use our response template series, starting with the first reply disputing you owe money to another business.
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