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7 Tactics to Help Boost Your B2B Collections

Business-to-business (B2B) collections can be a daunting task. Trying to get payments from other businesses is often harder than trying to get payments from consumers. However, there are tactics that you can use to help boost your B2B collections and make the process a little bit easier. In this blog post, we will discuss some of the most dependable!

1. Establish a good relationship with your customers

Start with how well you communicate and get along with your customers. If you have a good relationship with your customers, they will be more likely to work with you and make paying their invoices a priority. Good customer service is essential for maintaining strong B2B relationships and increasing B2B sales over time.

Strong customer service skills can help with this. These include excellent communication, being able to manage difficult conversations, and always putting the customer first. If you can build a good rapport with your customers, that relationship will translate to a higher percentage of paid invoices.

2. Send invoices as soon as products are delivered or services are provided

The sooner the invoice goes out, the sooner your customers will be able to prioritize what they owe you. From there, it becomes easier to follow up without feeling apprehensive about it. After all, they already know what’s coming and the onus is on them to do something about it.

Handling things in a timely fashion is easier when you have a system for doing so. Jumping on things right away ensures they won’t fall through the cracks later on.

3. Follow up on unpaid invoices regularly

It’s important to follow up on invoices regularly to ensure that you’re getting paid in a timely manner. Depending on the industry, terms may be different, but generally speaking, it’s acceptable to follow up weekly for unpaid invoices.

If an invoice is more than 30 days past due, you may want to consider contacting the customer directly to discuss payment. It’s important not to appear as if you’re harassing the customer, but at the same time, you don’t want to let the invoice fall by the wayside. By following up regularly, you can stay on top of payments and keep your business running smoothly.

4. Use a debt recovery service if necessary

While it’s important to be lenient with payment deadlines, you also need to know when to take action in order to collect on a B2B debt. It can be a delicate process. If not handled correctly, it could damage your relationship with the customer.

In some cases, it may be best to hire a debt recovery service. Southwest Recovery Service is experienced in collecting debts, and we understand the regulations surrounding debt collection. We will also work with you to develop a plan that fits your unique situation.

If you’re struggling to get payments from your customers, it may be time to hire a debt recovery service. Here are some signs that it’s time to make the call:

  • The invoice is more than 30 days past due.
  • You’ve followed up on the invoice regularly, but there’s been no response.
  • You’re not sure how to handle the situation without damaging the relationship.

5. Keep track of payments

Doing so helps avoid misunderstandings. Animosity can occur if you don’t give the customer credit when it’s due, and that can hurt your ability for future collections. Furthermore, it can make you seem harassing, disorganized, and unprofessional.

6. Offer discounts for early payments

Discounts on early payments are another great way to collect on B2B debt and encourage repeat business and further responsible behavior. For example, you could offer a discount of two percent if the customer pays within ten days.

This type of arrangement is beneficial for both parties. The customer gets a discount, and you get paid sooner. It’s important to make sure that the terms are fair and that the discount doesn’t eat into your profits too much. This will also negate any future expenses that you might incur in the collections effort.

7. Set up a payment plan

Another way to establish a good relationship with your customers is by being flexible on payment terms. You can accomplish this by letting them set the monthly due date, offering lower or zero interest for full repayment within a certain window, or giving them the option to split payments over time.

The payment plan should be structured in a way that’s fair for both parties and meets the needs of your business. It’s also important to make sure that you’re getting paid on time each month. Late payments can quickly eat into your profits, so it’s important to keep track of what you’re receiving.

By following these simple tips, you will be well on your way to successful B2B collections! Please contact us today if you have any questions or need help getting started. We would be happy to assist you.

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Southwest Recovery Services is a national collection agency with offices in Texas, Oklahoma, Missouri, Ohio, Florida and Georgia.

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