In this post we'll review how FloristWare can help with item #4 from the article on collecting receivables from the American Express OPEN Small Business forum:
4. Don't let the situation drag on
...Getting an account paid quickly is just as much a priority as getting it paid in full...
This is incredibly important. The longer you let an account go the less likely they are to pay. At best you are subtly teaching them that they can let things slide with you, that you are one of the vendors they can get away with paying last - an impression that means you will always get paid late. An even bigger concern is that they may go out of business or be totally broke before they get around to making payment. The actual outcome isn't as important as one simple truth - it's always better to get paid sooner rather than later.
How can FloristWare help? It starts with invoicing - take advantage of the feature in FloristWare that lets you send invoices automatically as soon as you complete the sale.
Next - stay on top of accounts with the receivables aging and Payment Chaser reports. These are designed to help you collect faster.
And don't be afraid to call. Florists generally don't want to make collections calls and often choose to just insert punitive terms on statements in the hope it will catch someone's attention. It probably won't - if someone is way behind it is likely they aren't even opening them. Use the payment chaser and give them a call. That is what it's for. Send duplicate invoices as needed - FloristWare makes it easy.
Also - change their account status. That way FloristWare will flag it if they try and make additional purchases so you can ask about their outstanding balance. And of course you should freeze their account as soon as you start to think you might not get paid.
