Part 2 - What to do if clients do not pay my invoice
Last time we covered the first tool you have to manage non payment of your client through payment terms. today we will talk about managing credit limits.
Imagine that you rendered a certain service to your client and they were happy with it can you send them the invoice and the recent it to them but they ignore your messages and reminders about the payment.
This incident can happen to anyone and the following are a number of tools that you should consider as part of your overall organizational collection strategy:
Amount of money that seller is willing to extend the buyer in particular that amount should be based on a variety of factors including the buyer's ability to make payments and it’s cash flow and it’s ability to pay it’s obligation to the seller on time. Establishing the credit limit of a certain buyer should be best him history including its financial statements as well as bus dealings with the buyer. You should be careful and ensure that there are sufficient controls within a sellers organization to comply with the credit line policies that the seller has set.
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