Ten common debt recovery mistakes – No 10: Understand your customers’ payment processes
9 January 2017
Sarah Everton, dispute resolution lawyer at Myers & Co in Burslem, Stoke-on-Trent looks at the ten most common mistakes business owners make when it comes to tackling debt recovery, and advises on the best course of action.
Mistake 10: Understand your customers’ payment processes
Each of your customers will have a different procedure for paying invoices. It may not be entirely straightforward, and may require the authorisation of several individuals before payment can be made. Therefore, it is important to know the names of the people responsible for this process so that you are not unnecessarily sending reminders or increasingly forceful demands at a time when payment is winding its way to your account, albeit slowly.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.