If an invoice remains unpaid, you've got to act quickly. The longer outstanding invoices are allowed to remain unpaid, the greater the chance that you will miss out on payment. That's why you should wait no more than a few days after the due date to call your customer. What if the customer does not honor the agreement you made for payment? Then send a reminder letter.
We offer you the crucial tips and an example of a good reminder.
When you think of a recovery procedure, you instantly think of the high costs of a bailiff and a lawyer. But that picture is no longer accurate. You don't actually need a lawyer to collect your business invoices. We'll explain how it works.
A good invoice makes the entire payment process go more smoothly. For example, there are a number of crucial elements that have to be contained in an invoice in order to avoid problems if a customer should fail to pay. Are you certain that your invoices are complete? Read here what a good invoice looks like.
There really is something like a prescription period for an invoice. So it's important to take action as quickly as possible once the payment date has passed. Do you have an old, unpaid B2B invoice sitting on your desk that you'd still like to collect? Read more about the prescription of business invoices here.
In the past, if you had unpaid debts, you would make every effort not have to take legal action because it would be a slow, frustrating and expensive ordeal. But in 2016, the law on the recovery of uncontested monetary debts (IOS) caused a true revolution in the debt recovery world. Thanks to the IOS procedure, you no longer have to go to court to enforce the payment of undisputed ‘business to business’ invoices or to obtain a court order.
In July 2019, the procedure for the collection of undisputed debts, also known as the IOS/RCI procedure (Invordering onbetwiste geldschulden/Recouvrement de Recouvrement de créances incontestées) will have existed for 3 years. This legislation forms the basis for everything we do at Unpaid. Thanks to this law, companies now have the ability to collect undisputed, unpaid invoices through a fast, simple, streamlined procedure. Unpaid has specialised in facilitating this procedure and it hasn't gone unnoticed. Already in 2017, we won the prestigious European “innovative Lawyers award” from the Financial Times.
Every entrepreneur knows the problem of invoices that are paid too late. When it happens, we recommend calling your customer first before sending out a reminder. A phone call is quicker than sending a letter, it's more personal than an e-mail and you'll receive instant feedback from your customer. What's more, your customer won't be able to keep ignoring you once you've got him on the line. The purpose of a phone call of this type is always to set a final deadline for payment. But how exactly should you approach the conversation? Here are our five tips.
Unpaid or late invoices can be dramatic for your business' liquidity. Yet many companies wait (too) long before actually taking any action. We asked companies why they hesitate to claim their outstanding invoices. The main reasons given are presented below. And also, why these reasons don't hold up…
If an invoice remains unpaid, it's not always easy to know what steps to take and when to get started. But it is extremely important that you do take action. We will explain step-by-step what you can do and the best way to go about it.