The Balance Between Getting Paid & Maintaining Good Customer Relations
When chasing an overdue account there is quiet often a fine balance that has to be struck to achieve the best of both worlds, in this case getting the money in without disrupting a trading relationship.
This is an age old issue and quite often leads to lively discussions between the Sales and Accounts departments. So the conundrum facing so many companies is how to square the circle and maintain a healthy cash flow and ‘keep the customer satisfied’
The Credit Protection Association Plc offers a unique solution to this thorny issue:
- The first letter in our chase cycle, which can be emailed as well as by hard copy, is extremely polite and gives the slow payer an opportunity to pay and save face. Good customer relations are not enhanced by embarrassing them. I do occasionally receive comments that this first letter is TOO polite and when I point out this is the most successful thing we do by resolving over 60% of overdues within 7 days, they understand where we are coming from with this approach.
- All our letters ask the overdue account holder to pay our Member/Client directly. This of course had a double advantage; firstly the money goes straight into our Member’s/Client’s Bank account which is where it belonged in the first place. Secondly very few debtors ever admit they have received a communication from us, they just simply pay by BACS, credit transfer or with a cheque attached to the invoice or statement. We don’t care whether they acknowledge us or not as long as they pay!
If you require any further details as to how we can be of assistance to you or your company please either give me a call on 0330 053 9263 or email me at cshirley@cpa.co.uk.
Cris Shirley
Customer Services manager
9th October 2017
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