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Get paid!

September 1st, 2009

Credit control has never been more important. Here are a few tips to minimise your risk of a bad debt:recessionheadlines

  • Outline your terms of payment in writing with your customer before trading with them, and again on every invoice you issue
  • Consider doing credit checks and asking for trade references
  • Consider checking the company’s compliance with Companies House
  • Ensure you raise invoices promptly
  • Ensure that you chase invoices as soon as they are overdue and regularly after that – issue statements or pick up the phone
  • Consider offering an early payment discount
  • Consider stopping all work for the customer until payment is made in full
  • Consider accepting instalments from your customer, getting paid gradually is better than not getting paid at all
  • Use the Small Claims Court if all else fails, but sometimes, walking away and learning your lesson is more important

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