Resolving Unpaid Invoices in 3 Steps
Life is too short, and?your export business is too important?to waste your profits on cargo damages.?
We give you the?straight talk and confidence to?recover cargo claims?from carriers liable for the damage carriers.?
In this newsletter, we'll talk about lessons, tactics, good practices that?our Clients - Exporters, traders as yourself?use to?prevent and recover cargo losses, helping you achieve similar results.
Let's jump?to edition no. 12!
"I don’t mind when my invoices are ignored by the buyer."
Said nobody. Ever!
Unpaid invoices are a universal challenge in every business, whether you're an exporter, supplier, or manufacturer.
Here is some expert advice to help you get paid promptly before resorting to professional services.
Remember to act immediately when the invoice is due!?Do not delay!
Step 1: Written reminders.
?? Issue a maximum of 2 written reminders.?
?? Don’t write “first reminder”, or similar, as this makes it clear there will be others.?
?? Clearly state that the consequence of non-payment is the initiation of escalated steps.?
?? You can start with a “friendly reminder” that is an amicable attempt to get the invoice paid and then follow up with a more formal notice.
Step 2: Follow up with a telephone call.
???This discussion should focus solely on the settlement of the invoice, DO NOT discuss other matters in this conversation.?
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???Refer directly to the overdue invoice and find out the reason for payment delay.?
?? Ask the customer when payment will be made. Insist on a concrete response.?
???Follow up on your phone conversation with an email or letter outlining the agreements discussed. This will be useful if you have to escalate this matter legally.
Step 3: How to deal with the excuses.
The usual 3 reasons for a person not paying are, “forgot to pay”, “cannot pay” or “refuse to pay”. In the following steps we will tell you how to handle each scenario.
?? Forgot to pay:?Obviously, to maintain good working relationships, you would want to give the debtor a chance to pay such as time extension of few more days.
?? Cannot pay:?Perhaps you should consider a payment plan or give a discounted price or agree on barter option.
?? Refuse to pay:?If the customer refuses to pay, you may want to initiate legal action immediately. If the customer is simply ignoring your requests for settlement, appointing a third-party service provider may put some pressure on the debtor to settle.
“I have followed steps 1 & 2… The debtor still won’t pay…“
That means it’s time for you to hire third-party service providers who are active in the country where your debtor is located to recover what's rightfully yours.
Get the compensation you deserve for claims with delivery dates not older than 30th November 2022. ?Submit rejected or unrecovered claim to Recoupex today. Our team of experts ensure a hassle-free process.
Recoupex is one of the fastest growing cargo claims recovery hubs helping customers globally to obtain the compensation they are entitled to when cargo is lost or damaged in transit (ocean, multimodal, air shipments: dry and refrigerated cargo).?If you think Maersk, Sealand, Hapag-Lloyd, Mediterranean Shipping Company – MSC, CMA CGM, and other carriers might owe you compensation because of cargo loss or damages, you’ve come to the right place.? Recoupex has?recovered?thousands?of $ for shippers around the globe and they could help you win back the compensation you deserve for lost or damaged cargo in transit. ?
If we don't win - you don't pay.