B2B payment behaviour throughout Europe has been worsening for some time with many invoices being paid past invoice terms or not at all.
Small businesses seeking debt recovery is becoming all too common practice for business owners, with many reaching out for help when they have received little to no communication regarding payment of their invoices.
Sending reminder letters is always a good idea even before the payment becomes late. Unfortunately for so many businesses, the problem only becomes apparent when the payment date has been reached with no payment in sight. It is always recommended to businesses that a more proactive approach is taken when it comes to the invoicing process. By continuing communication throughout your customers’ life cycle, you are more likely to be aware of any payments that could come in late or any problems that may arise if you have built up a strong rapport with your client.
Unfortunately, not all businesses have the luxury to chase payments as soon as invoices go out, they may not have enough staff to do this or enough time on their hands. So if you do find yourself in the position of chasing late, unpaid invoices, there is no 100% guarantee of getting your money back, however, there are ways you can try with or without getting the courts involved.
In this blog post, we’ll talk you through the commercial debt recovery process and the options available to you.