How should I handle non-payment of invoices?
Chasing non-payment of invoices is the bane of most business-owners lives. All businesses need to have robust credit control arrangements in place and clear payment terms to help deal with outstanding debt. You must make sure you have robust terms and conditions in place prior to entering any contracts.
But if polite reminders are getting you nowhere, you should consider engaging a debt recovery expert. The approach taken needn’t be heavy-handed, after all you don’t want to lose valued clients, but a letter from a third-party, especially if they are a solicitor, can make all the difference, helping you to recover debts that you might otherwise have had to write off.
The last resort for businesses that are owed money is legal action. However, where a customer has failed to pay despite repeated demands, you should appoint a solicitor to take legal action on your behalf. Remember cash is king.