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Scott, we have dealt with our fair share of slow payers, so happy to chime in. It's a satisfying feeling to send out an invoice for quality work or services rendered. We all take pride in what we offer and responsible payment allows us to continue to do so. However when 30 days becomes 60, or 90...
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Scott, we have dealt with our fair share of slow payers, so happy to chime in. It's a satisfying feeling to send out an invoice for quality work or services rendered. We all take pride in what we offer and responsible payment allows us to continue to do so. However when 30 days becomes 60, or 90 or worse, frustration can turn to panic. What can add insult to injury is when the late paying client might still be racking up new debt with you. Its important to identify a few key factors when formulating a plan of action:- Is this a new client or an existing one that has a track record of delinquent payment? - Have you made contact with them to try to establish an ETA for payment or partial payment?- Was there a contract or agreement that defined what the "net" period would be for invoices to be settled?- Is this client still actively taking delivery of your products or using your services?I'll walk you through our experience with each of these scenarios and hope it can help you with your future approach. If this is a new client and you have no history or experience with them, the first thing we do is see if we know or can contact anyone who provided similar services to them in the past. A simple google search with the client's name and "payment" can often provide reviews or complaints. We can't always get references or payment history on clients but if they've done this before, chances are someone has been vocal about it. We all send out "friendly reminders" or even tepid threats of late charges. These are necessary "first steps" but usually ignored. If there had been a "net" period established and the invoice is say, 15-30 days past that term, have your accounts department (or you, if there is no accounts department) contact them by phone. This doesn't have to be a aggressive collection call with threats of legality. A simple, "Hello 'client', I wanted to see if you can help me out. Your invoice from Feb 2018 is about 90 days past due and it would be an enormous help if you could give us a realistic date of payment?" By doing this you establish flexibility but also demonstrate that you will actively pursue this money. If you are in an industry where the client using your services might also be waiting on a larger payment to satisfy their vendors, then I'd suggest you tread carefully. They too may be enduring the same aggravation that you are and acknowledged consideration of this may help to solidify you as a valued, responsible partner in future deals. We have clients that use our services and then have to wait 4-5 months before their projects are done and settled. When we send the invoices for these services, we don't even bother contacting them till about 120 days out with payment reminders. We also make it very clear to them that we understand that they too may be awaiting payment. It's a tight rope walk in that consistent slow payers are still valuable clients to have. The settled invoice will be just as useful at 150 days, as it was at 30 days. If you can timeline your expenses around the realistic pay date, it can simply become a scheduling/budgeting matter. What if they are new, have never paid before and are ignoring every correspondence that you attempt? This is when polite has to become stern. If you are still providing services to them, it's time to ask for a Credit Card # or threaten to halt services without at least partial payment. If it had been an accounts department contacting them, then have the owner or manager make a personal call. Sending a certified letter with your attorney mentioned or CC'd in, can be hugely effective. This tends to get their attention, at least gets you a response and likely some indication of where they are at in payment process. You are also likely at a point of no return in terms of them working with you again however, that may be a good thing. A client that never pays is worse than no client at all, unless there's some marketing or advertising exposure you can gain from the work you had done (don't discount this, if you are new in business and need tangible examples of your work, this can at least be a consolation). If you are at the final stage of no contact from the client, or consistently false ETA's of payment, you have to examine the courses of action. If the invoice is large (in the tens or hundreds of thousands) and the client is an established business, you can contact a "factor company", who become a proxy collection agency and advance you a majority percentage of amount due. This can be anywhere from 50%-90% depending on the risk they assume. Hardly a perfect solution but a way to get cash flow moving and perhaps a temporary method of collection. I'm oversimplifying what factor companies due, so take some time to research if this is an option. Threats of legal action are often made and rarely taken in these instances. Why? It's expensive, it's time consuming, there's no guarantee you'll win and it can black list you as a provider to some. If this is a small business situation, I'd first appeal to a friend or family member who's a lawyer. Maybe they owe you a favor and will draft a letter or make a call to the client. In our industry we have the very real threat of copyright violation that we can used as leverage. Take some time to examine the immediate and ancillary laws that govern your sector of business and see if there have been violations that can pertain to your case. Even still, this is a last resort. If the damages are in the the hundreds to low thousands, realize it doesn't take long to rack up legal fees that will equal if not surpass that. I'm not advising against legal action but I'd recommend doing the math first. Finally, if it appears that this client is "ghosting" you and you have established that it's not worth legal action, talk to your accountant. You should be able to write at least some of this unpaid debt off as a loss. Hardly a rewarding outcome but there are tax deductions that apply to this because you aren't the first person it's happened to. Personally I'm not one to publicly disparage another company on social media however I'm in the minority. There are a myriad of review/ratings sites and apps that might be a place you can enact some revenge and duly warn others that may deal with the same client. Ultimately you've learned a valuable, albeit painful lesson. Whether you were paid late or not paid at all, you've been burned and will be twice shy about blindly letting a unchecked, new client get too far into the red. The short version of this long winded answer, is this: early, consistent communication with the client about payment times is vital. I wish you luck in this process and hope some of this information can prove helpful.
Always many things to consider there. Financially would it be rewarding enough to uproot your life and family (if that applies)? Is it just the notion of a "change" that appeals or is it a position that will actually fulfill you more than your current situation? What does this new position look...
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Always many things to consider there. Financially would it be rewarding enough to uproot your life and family (if that applies)? Is it just the notion of a "change" that appeals or is it a position that will actually fulfill you more than your current situation? What does this new position look like 2, 5, 10 years down the line? Often times people make rash decisions and take the "new" opportunity when they could have dedicated the time necessary to make changes where they are. It's not always easy to develop a fresh perspective on job you currently hold but the reality is, that can be all the difference.
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Make sure you find what separates their needs from other clients and be attentive to that.
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Make sure you find what separates their needs from other clients and be attentive to that.