Late payment issues damaging your business relationships?

Across industries there are many differences and similarities. One thing that every company faces no matter which industry they are in is competition. Competition from other companies selling the same product or offering the same service whether it’s competing for buyers, contracts, sellers and more. Business relationships are therefore extremely important to maintain so you can stay ahead of and fend off competitors. With all of this in mind, let’s say you have a big company that you supply goods and services for and this work you do makes up for the majority of your company earnings each year, and has done for a number of years. What happens when they haven’t paid you by the normal time, then more time passes without payment and suddenly you find yourself in the uncomfortable position of contacting them asking why?

Small businesses especially can find themselves in this situation where every partner or contract counts. There is always the worry of bothering your employer/contractor to the extent where they then go to one of your competitors instead, and you lose valuable business.

If it reaches the stage where you require help recovering payment owed to you and hire a debt collection agency, this doesn’t mean it’s the end of your business relationship with that company. The collection process can be undertaken in a subtle professional way given you use the right agency. If anything getting professional help means you are much more likely to get paid that not at all and shows your business is not to be overlooked going forward with late payments.

About DialogWise:

We are building a rare win-win business: SMEs are able to instantly recover late invoices using our platform to access world-class collection agencies, late payers select instant payment plans and issue resolution and collection agencies gain a new revenue stream using simple integration.