Looking to eliminate late payments from your clients? Keep your cash flow consistent through effective collection methods. Learn more with Porter Billing Services.
Know Your Clients
Start by getting to know who you are working with. Through credit checks, you can ensure that your clients are reliable. Of course, this doesn’t provide you with a guarantee, but it is a good place to start. You will gain insight as to how they have worked with other suppliers in the past and therefore have a better idea of what type of client they will be for you.
Create Clear Terms
It is important to lay out clear terms and expectations for your clients from the very beginning. Be sure to define payment terms on all invoices and receipts as well to ensure that you have written record to reference when you receive payments outside of those terms.
Manage Your Books
When it comes to your fleet, bookkeeping is incredibly important. Make sure you are dedicating enough time to recording and evaluating your books. The best way to ensure that you do not see a break in your cash flow is to collect consistently and eliminate all late payments. For more on how to effectively manage the business side of your fleet, read these trucking tips from Porter Billing Services.
Improve Your Collection Method
If you don’t already have an automated system, it is time to get one! Not only will it save your administrative office time, it will improve communication with your clients. Through automated reminders and notifications, you can communicate with your clients through mobile devices and email on a regular schedule that can help keep them in check.
Work with a Freight Factoring Company
The easiest way to eliminate late payments from your clients is to work with a freight factoring company. No more chasing after clients or sending out constant reminders to no avail. Rather, let your freight factoring company handle collections. With access to working capital, you can manage daily operations whether you get paid on time or not. Learn more about freight factoring and its benefits with Porter Billing Services. Contact us today!