April 5, 2023Late Payments
As a wholesaler, it can be frustrating to deal with late payments from customers, and managing outstanding debts can be a time-consuming and stressful task.
However, with PencilPay, you can improve your debtor management and reduce the risk of bad debts. Here’s how:
Automated Payment Reminders:
PencilPay allows you to set up automated payment reminders that will be sent to your customers when payments are due.
This saves you time and ensures that your customers are reminded to pay on time, reducing the likelihood of late payments and bad debts.
PencilPay also allows you to set up payment plans for customers who may be struggling to pay their invoices in full.
You can set up a customized payment plan that suits both you and your customer, ensuring that you receive payments on time while also providing your customers with more flexible payment options.
With PencilPay, you can access real-time reporting on your outstanding debts, allowing you to see who owes you money and how much they owe.
This makes it easier to prioritize your debt collection efforts and ensure you follow up with the right customers at the right time.
In conclusion, improving debtor management is essential for the success of any wholesale business, and PencilPay provides a range of tools and services to help you manage your debts effectively.
By setting up automated payment reminders, offering payment plans, accessing real-time reporting, and utilizing debt collection services, you can reduce the risk of bad debts and ensure your business runs smoothly.