Credit Control Tips

Day 1: Issue invoice and send to customers Day 15: Call customers to check for receipt of invoice Day 31: Call customers and ask for payment Day 45: Send demanding payment letter Day 50: Call customers to chase for debt Day 60: Send 2nd demanding payment letter Day 90: Pass issue to legal department to chase for debt

Paying Staff Postage of sending invoice/letter Seeking legal advise Lost of bank interest Debt written off

Credit checking for new accounts Set up credit limit and payment term Define payment term vs contract Follow up payment and recording all feedbacks Collection payment and reconcile payment Sort out disputes/enquiries Decide on repayment plan in case customer is shortage of payment Identify debts to be written off and propose to management

It provides a structured approach to risk management and debt collection process It provides a standard rules for everyone in the organization to follow/practice  It helps ensue a consistence approach among customers and reduces a chance of personal bias which affect the decision making process It can be reviewed/modify by top management to adopt with new business requirement

Set out clear credit terms and a credit limit to ensure creditors pay you promptly. Check any new customers' credit score using a reference checking agency. Set out your terms and conditions - as well as late-payment interest in writing. To secure your cash flow, you need to collect payments effectively. Specify various payment options to make it as easy as possible for customers to pay you. Offer discounts for early payment, or other incentives such as money off a customer's next order to avoid late payment. Keep track of or recording when payments are due and send reminders if necessary including late payment interest charge if the delay exceeds your agreed payment period. If a debt remains unpaid, call and email alert to customer you are serious about it by employing a debt collection agency. Send a formal letter to inform that you will take legal execution to demand for payment if the customer still refuses to pay. Buy trade credit insurance to protect yourself aga...

Below are the main duties of a credit controller: deciding which customers may be offered credit, and under what terms (e.g. how much) setting up the credit terms and conditions checking customer’s credit ratings dealing with internal queries regarding payments or any disputes making sure customers pay their invoices promptly negotiating repayment plans

Order stage: Ensure sales team are aware of credit policy, use credit application form, credit check on each new customer, request personal guarantee for doubtful customers, set a "minimum order, check before giving credit, assess credit insurance if needed, set credit limit for each new customer, conduct regular credit checks on main customers, documented term of trade, specify interest charge on late payment, define procedures to deal with disputes, specify credit terms, agree payment terms in writing, set each unique account code for customer, confirm company detail information (trade name, address, VAT, company registration number, PIC), record payment due date, check out frequency of invoice payment, specify the most appropriate payment methods.  Invoicing: check invoice accuracy, include detail information on invoices ( payment detail , o rder detail, total due amount, due date for payment etc.), issue invoice immediately after d...

Dear Colleagues, Greetings from xxx! Please be informed that this is our 1 st reminder. We bring your attention to the outstanding of roaming charges that is due to xxx. Please find the outstanding details as follows:   Invoice Period IDNEX Invoice No. 2016/08 IDNEXKHML1-R1608-166 2016/10 IDNEXKHML1-R1610-164 If you are currently processing the payment, please update us with the estimated payment date. If you have settled the payment, please provide us the copy of payment advice to Email : xxxxx . If this letter reached you by mistake and you are not responsible for this issue, we kindly request you to forward this email to the relevant parties either in your organization or to your FCH . If you are missing these invoices, just let us know and we will send them to you . We need to solve this issue as soon as possible . Thank you for your cooperation and prompt actions .   Re...

Dear Partner, We are missing invoices for xxx and xxx period. We kindly ask you to send the same so we may close our 2016.financial year. Thank you. Best regards,

Dear Partner, Hope you are doing well. The request has been sent to the concerned person to check the details, we will look into the query raised below and would revert on priority. Regards,

Dear Partner Please find attached SOA and total netting amount due to xxx  is USD$$$ as of today xxxx2016,  as you are more than USD$$$ over your credit limit.   Kindly arrange payment as soon as possible and email us payment advice/wire confirmation details for our reference. Thank you and looking forward to receiving your payment. Best Regards,

Dear Partner Please find attached SOA and total netting amount due to xxx was USDxxxx as at xxx2016.  Please check the attachment and kindly release the payment on urgent basis. Please contact our account department if you have any query. Thank you and looking forward to receiving your payment. Best Regards,

Dear Partner  Kindly advice your payment schedule for the outstanding amount of USD98,259.45 which due on xxxx. Thank you. Best Regards,

Dear Partner, We wish to  advise you that, with effect from xxx, the basis of charging for all xxx termination rates shall be one (1) second increments with a sixty (60) second minimum.  Such revised basis of charging shall be reflected on all price sheets with an effective date of xxx , unless otherwise notifie d . Kindly ensure that your systems are amended and updated accordingly, at the relevant time. Should you have any questions in relation to the above, please contact your account manager or me. We thank you for your understanding in this transition. Thanks and best regards,

Dear Partner, Please find attached your digital invoice referring to the period Aug/01/2017 to Aug/31/2017 . The attached PDF invoice has been generated by our billing system and constitutes the original invoice. Should you have any question, please do not hesitate to contact us. Thank you for choosing xxxx. Best Regards,

Dear Colleague, This is now the FOURTH reminder! We must escalate this debt to management and you can expect a telephone call from the account manager. Please note that we can apply interest charges according to the agreement between us. Please refer to the attachment for a breakdown of invoices. The total SDR/EUR due amount per xxxx client is: CLIENT SDR AMOUNT EUR AMOUNT xxxx 48,68 61,49 This debt is not acceptable. Please respond before we are forced to send interest charges. Best regards,

Dear Colleague, This is now the THIRD reminder on these outstanding invoices and we have received neither a reply nor a payment. Our analysis of the account indicates the amount below is overdue. Please refer to the attachment for a breakdown of invoices. The total SDR/EUR due amount per xxxx client is: CLIENT SDR AMOUNT EUR AMOUNT xxxx 48,68 61,49 This debt is not acceptable. If you have already remitted these funds, please provide the SWIFT advice and payment details for us to verify your payment. If we do not receive a response or a payment, then we will be required to escalate the issue. Please note that this could include interest charges according to the agreement between us. We require your prompt attention to this matter. Best regards,

Dear Colleague, Please be advised that this is the SECOND reminder on these outstanding invoices. Our analysis of the account indicates that the invoices in the overview attached are due for payment. The total SDR/EUR due amount per xxxx client is: CLIENT SDR AMOUNT EUR AMOUNT xxxx 23,27 29,65 If you have already remitted these funds, please provide the SWIFT advice and payment details for us to verify your payment. If we do not receive a response or a payment, then we will be required to escalate the issue. Please note that this could include interest charges according to the agreement between us. Your prompt attention to this matter would be highly appreciated. Best regards,

Dear Colleague, We would like to draw your attention to the Overview Report attached to this email. Our analysis of the account indicates that the invoices in the report are due for payment. The total SDR/EUR due amount per xxxx client is: CLIENT SDR AMOUNT EUR AMOUNT xxxx 23,27 29,65 If you have already remitted these funds, please ignore this notice. If you have any questions, please let us know; otherwise, your prompt attention to this matter would be highly appreciated. Best regards,

Dear Valued Customer: Enclosed, is your current invoice. We kindly request that you confirm the receipt of our invoice at your earliest convenience. With Best Regards,

Dear Partners, Kindly find the enclosed invoice(s) for traffic period _______ . _______ operates within Singapore Standard Time (GMT+8). Your business is important to us. If you have any queries, please do not hesitate to contact us. Disputes if any please be notified to us in writing within seven days from the date of invoice OR within the time frame specified in the terms of our agreement. We will assist to solve the issue as soon as possible. Billing queries : billing@creditcontrol.com Rates queries: rates@creditcontrol.com Disputes queries: disputes@creditcontrol.com Best Regards,

Dear Partners, We noticed existed variance discrepancy on minutes charged from your invoice# ______ for traffic period _______. Kindly take note that______reconciled your invoice by using (GMT +8 hours). Enclosed we raised an official dispute on the minutes charged and details provided as per below for your investigation.   Please acknowledged this email as the confirmation that you had received our dispute notice and send all required information to disputes@creditcontrol.com . Thank you & kind regards,