Five Common Errors We See In Credit Control

Five Common Errors We See In Credit Control

Five Common Errors We See In Credit Control

Posted: 06/05/2021

We have worked with over 12,000 clients over 26 years so we've seen a few common errors when it comes to credit control and chasing invoices. We've listed FIVE of the most common errors we see to try and help businesses young and old. If it helps you avoid one bad debt in the future then it was worth sharing. Good luck. 

FIVE common errors we see in Credit Control

1. Know who you’re dealing with?

Is it Fred Bloggs Ltd, Fred Bloggs UK Ltd or Fred and Mary Bloggs trading as Fred Bloggs?  

If you don’t know, you’re exposed to debt. If it ever got to court and you had the wrong legal entity, the judge would throw it out.

2. Terms & Conditions

Has your customer signed up to your latest T&C’s? Have you even got T&C’s?

If you haven’t got all your customers signed up to your latest T&C’s, you’re exposed to risk.

3. Sloppy admin

Most of your customers will pay you....but what about the one’s who don’t.

Do you know when they should have paid you? If you’re not organised there’s a chance you will miss it.

Use a credit control chase facility to help you.

4. Complacency – they’ve always paid before

When did you last take out a credit report on all your customers?

You could be giving credit to a customer who is about to go into administration and  you may not even know it.

5. Giving credit where it’s not due

A sale is not a sale unless it is paid for. Don’t give credit unless it’s due.

Get to know your customer first and do all you can to check them out before granting credit.

If you give credit to a new customer with no track record, you’re leaving yourself exposed to bad debt and write off’s.

If you have any debts that are causing you concern, we have a zero cost debt recovery service (no cost to you), just get in touch for a chat and we’ll try our best

to help.

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