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Tips to Increase Your Chances of Successful Payment Settlement

Your chances of successful payment settlement increase when you have got everything in order, from invoices, last payment records, and copies of the contract. It all helps in influencing commercial credit defaulters that they need to make the payment soon. You can also consult with a credit information bureau like the CreditQ team and lay your concerns with them. The team can help you settle your stuck money through a proper, standardized channel.

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Tips to Increase Your Chances of Successful Payment Settlement

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  1. Tips to Increase Your Chances of Successful Payment Settlement

  2. How to Recover Your Money Your chances of successful payment settlement increase when you have got everything in order, from invoices, last payment records, and copies of the contract. It all helps in influencing commercial credit defaulters that they need to make the payment soon. 

  3. Tips to Speed up Payment Settlement Process

  4. Go Well Prepared Even after making a lot of calls, your vendor is turning a deaf ear to your request. So, how do you tackle such a case? The best thing is to make a visit to their place and go prepared. Take along every receipt that you think would help. All the invoices, bills, payment records, and contract copies state the payment terms clearly. 

  5. Take Proper Notes During the Meeting  When you pay a visit to your company credit defaulter, you should be proactive in taking notes of the meeting. He or she may assure you of timely payment and even give you a deadline. Keep that in writing. It will provide a fair idea if your payment defaulter is willing to pay or not.

  6. Offer Flexible Payment Options This point is in addition to the previous one. If you’re convinced about the delay in payment, you can offer flexible payment terms to your vendors. Allow them to pay in installment but set a deadline for each installment. Calculate the total debt and think of strategies that benefit both you as well as the payment defaulter. It’s wise to listen to your vendors and understand where the conversation is leading. 

  7. Follow Up in a Professional Manner You want your money back, and you want to fasten the payment settlement process. However, it may irk the debtor, and he or she may intentionally delay the payment further. Here, you can schedule the follow-up and use different communication channels, including phone, SMS, and email reminding your debtors regarding the payment.

  8. Approach a Credit Information Bureau You have done it all – made courtesy calls, visited your debtors, and showed them all the records. Still, your vendor is not willing to make payments, and you’re left with a confused state of mind. We understand that it could look like a challenge to you if your vendor makes another excuse and you’re not convinced. You may think of approaching legal authorities, but there’s a better solution than that. Consult with the credit information bureau platform CreditQ team and lay your concerns with them. The team can help you settle your stuck money through a proper, standardized channel. 

  9. THANK YOU GET IN TOUCH • Address: 3/31, Chitrakoot Marg, Arpit Nagar, Vaishali Nagar, Jaipur, Rajasthan 302021 • Mob: +91 724-000-0901 • Email: support@creditq.in • Website: https://creditq.in

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