How to collect past due and non-due items at once?
The effectiveness of cash collection between professionals depends largely on the quality of communication with your clients.
It is not a question of overwhelming your debtors with e-mails or electronic letters reminders but of favoring actions carried out in a logical and understandable sequence (the collection scenario), each of which includes intelligible and exhaustive information in relation to the desired goal. This is why a reminder by e-mail from My DSO Manager includes a lot of information:
- Amount of late payment and, if wished, late payment penalties
- Link to the interactive page
- Statement of account with the status of open items
- Links to PDF invoices and an online payment solution
- Possibility of exporting to Excel
Apply the right collection methods
Thus, a good business practice consists of systematically make a follow-up of the entire customer account, that is to say the overdue and the not due:
- Overdue to request immediate payment of invoices whose payment date has not been respected.
- Not due to ensure that your client has all the elements necessary to process invoices for payment when due.
The advantage is to kill two targets with one stone: not only do you request payment for the delay but you show your client that you are also looking for payment of the invoices that will become due soon. Indeed, recovery is partly an issue of educating your customers about the seriousness of your management. This is a good way to show that you expect to get the payment on invoices' due dates.
For this, we suggest that you use or take inspiration from our e-mail follow-up templates n°1 which you will find in the Settings in the standard collection scenario pre-defined that you can copy as follows:
Two-in-one follow-up email example:
Adapt your models so that they contain the information you want to convey to your customers, the tone you want to set with each follow-up action. Take advantage of the wealth of #hashtags and formatting possibilities to make your dunning e-mails a relevant and effective communication vector.