How to Maximize Profits
Money is like the heart of everything. One cannot live life without it and it is too important in our lives. When it comes to business, you need to do something about the customers who owe you money but are refusing it all the time. This can lead to further delays and you might end up with no payment.
1) Talk in a professional manner!
When negotiating to your customer about the late payments, always talk politely and professionally. Being disrespectful can only harm your company’s reputation and will drift customers away from your business. It may not seem very harmful when its one customer, but you will come across several more who will delay payments and by disrespecting them, you will drift plenty of customers from your business. Politeness can make them understand your profit problems and will try to pay as much as they can very soon.
2) Stay in contact!
Firstly, send an email or make a phone call to the customers and ask them if they would like to arrange money for a payment. It might be the case of forgetting about the money they owed, so a reminder can solve the issue. Thus, you have your payment and your customer is happy to shop in your store again.
3) Formal letter writing
If you haven’t received any payment after making a phone call or sending an email, write a formal letter to their address and state that they have payments overdue and need to pay as soon as possible. Allow them to choose a form of payment including a plan that would allow them to pay an amount that they can afford. Some customers might be short with money, so it is best to give them some space and time to pay their transactions off.
4) Claim for your money!
Even after all these procedures have passed and you haven’t received a response, it is best to file a claim to receive payment. You may wish to prepare your claim alone or hire a lawyer to help your case. Fill in the forms and respond to the courts instructions. Take all evidence of emails, letters and anything else that you used to get in contact with the customers.
What can I do if this happens again?
State the rules of unpaid accounts and what customers will expect to hear in the policies. This will keep customers alerted and prevent future unpaid items. If someone has shopped online, make sure you are paid first before sending any items.
Always keep your company’s reputation high. If customers fail to pay, talk and act professionally without harming the customer’s feelings. Once the payment is made; you would gain one profit, but will lose out on any future profits that you would have earned if the same customer had returned regularly.
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