What's the best way to deal with non-paying or late-paying clients?
I've recently had to deal with clients who pay extremely late or simply avoid paying us entirely. I'd like to try to avoid lawsuits, and I'd also like to maintain as positive a relationship as possible with my clients. What can I do to prevent late payments, and how can I deal with non-paying clients (before I resort to suing them)? What has worked for you, and what do you recommend?
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May 15, 2020
Hey Collette, this is a great question. I recently wrote an article about this topic. But here's a summary. I think overall, communication is key. Make sure everyone has a clear understanding of your expectations as a service provider to them. Making sure your internal processes and procedures are in place will help manage customer expectations. Other options include asking for more money upfront or reviewing contractual obligations can be key components to better collection strategy. You can also get payment guaranty from your customers ahead of time. So, if you're contracting with a business, make the owner personally liable. In many situations, the owner will make sure she gets paid before you do. Imagine that! Another route is to get security in place for the debt. Security interests, which can be real estate or other assets such as equipment, help to ensure that the creditor has the right to seize an agreed-upon selection of a debtor’s assets in order to discharge the debtor. This reduces the risk for lenders and improves incentives for payment. Rules for security interests vary between states, but typically the debtor must offer the creditor security interest in the initial contract. Many of my clients have a collections process in place to help guide them. Typically, that is a few letters from your business over a short period, then a lawyer letter. The lawyer, or collection agency, should be a last resort.
Here's a link to the article if you want to read more. Good luck!
https://contiguglia.com/blog/best-practices-for-accounts-receivable-in-an-economic-downturn/
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May 7, 2020
A business I did some consulting work for some years ago had exactly this problem, so after several discussions with their CEO and accountant, I wrote them some new terms and conditions of trading which clearly specified three things:
That all orders and signed delivery notes accepted the company's new terms of trading. All customers were made aware of this prior to the changes coming into force.
That unless agreed otherwise, full payment was due within X days of the date of the invoice being made out, and that if payment was not made within that time, the company reserved the right to add interest to the unpaid amount at a rate of Y percent per month or part month.
That a discount of Z percent would be given on orders which were paid for in full at the time the order was placed.
After a bit of arguing with a couple of their worst paying customers, this solved the problem, but you do need to know how your customers are likely to react before implementing changes like this.
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I would suggest that from now onwards whenever you are in talking terms with a new client, break the contract into milestones. And each milestone should have some specific targets. Make sure the amount for milestones is paid in advance and the work for the next milestone should only be started when the advance payment is made.
Dec 3, 2019
Face-to-face; We found the best way if we run into road-blocks with debtors such as voice mail (which we refer to as "voice jail"), always out of the office, constantly in meetings, or some other (not-so) creative stall technique, we sometimes will make an unannounced in-person visit to cut to the chase. No one wants to increase costs by sending it to legal. If the company is broke you're wasting money. As long as they are still in business, we usually pick up a check of some size at a rate of about 65% before leaving. Companies with low DSO often send their sales reps to the debtor. No sale is complete until paid! Face-to-face gives you the opportunity to understand the debtors true intention of paying. Some debtors will even show you their accounting books. If they are broke then try to get them on a payment plan and have them sign it.
Nov 11, 2019
Colette - Unfortunately you're not the only one who deals with late paying clients! There are preventative steps you can take to avoid slow/non paying clients.
1. I would make sure that you run business credit searches on both new and existing clients that you sell to. This will help give you an understanding of how your clients are paying their vendors. More often than not, if you see that clients pay slow or don't pay at all, they are going to do the same to you. I would conduct an annual or bi-annual audit of your customers to make sure that their credit reports have not deteriorated, which in turn puts you at risk.
2. New customers should be COD! Unless you have a contract and are selling to a reputable company, then new customers shouldn't be given terms until they show some sort of payment history. This is a beneficial way to test the waters without putting your company at risk.
Now, when it comes to getting existing customers to pay faster, that's always a challenge. It's hard to ever truly know why a client isn't paying on time. One thing I try to do is remember that my client is a human as well. It sounds elementary, but relating to your client can be the breakthrough you need to get paid faster.
Hope this was helpful!
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