Member Benefit Provider Ken Brown will be providing some great tips to help you avoid common pitfalls when it comes to getting paid for your services.
Ken’s tips are delivered in the format of the 7 Deadly Sins of Credit Management – Here’s the first tip in the series to get you started!
Deadly Sin No. 1 – Legal Entity Unknown
If you don’t know who you’re dealing with it can tie you in knots. You are chasing that overdue debt but you are getting nowhere. The information you have on the debtor is incomplete.
You can’t hope to successfully collect all monies that are owing to you in the longer term if you do not know the exact legal entity or the debtor you are dealing with – is it Fred Bloggs Ltd or even Fred & Martha Bloggs UK Ltd or Fred & Martha Bloggs trading as Fred Bloggs?
Fail to determine the right information and you’re unlikely to elicit any sympathy or resolution in a court of law.
It can cost you dear indeed when you realise after the event of supply that you’re not 100% sure of the entity that you have allowed goods or services to on credit. You may end up writing off wasted court fees and your invoices in some cases.
Online help is at hand. The AccountAssyst new customer account opening facility ensures that your problems in this area are all but eliminated!
NBV Biz Ex Members can access 8 free credit reports and a standard set of terms and conditions – just register with AccountAssyst to access the reports. Log in and visit the Member Benefits Access page for full details of the service.
Special offer for NBV Biz Ex Members
Are you having trouble finding the time for credit control or chasing outstanding payments? NBV Biz Ex Members can access Direct Route’s debt recovery services free of charge (saving £200+VAT) meaning that commercial debts of up to £3000.00 can be recovered at no cost to you.
You may also wish to access the ‘Letters Before Action’ service which provides your debtor with an opportunity to pay the amount owed to you without incurring late payment fees.
Log in and visit the Member Benefits Access page for full details of the service.
Ken Brown represents both Direct Route Collections Ltd and AccountAssyst, an online credit management service. Direct Route provides a solution for recovering debts whilst AccountAssyst provides a prevention. More details about both services can be accessed by logging into theMembers’ website.