What Steps Are Taken During The Payment Settlement Process?

1
What Steps Are Taken During The Payment
Settlement Process?
2
What is Payment Settlement Process?

• You make a sale and expect to get your money as
  soon as customers receive the goods. Not every
  customer makes a timely payment for an invoice.
  In such cases, you must chase the amount and go
  through the payment settlement process to get
  your money.

3
How Payment Settlement Process Work?
4
Customer Order Creation

• Most people think payment settlement starts after
  the due date is over. However, it begins with
  invoice creation when the customer places an
  order with you on your website or makes an
  in-store purchase. Once you provide the service
  or the product, you generate an invoice that the
  customer can pay by the due date. 

5
Payment Reminders

• After the invoice is issued, you should not
  forget about it until the due date arrives. Take
  a proactive approach and send payment reminders
  to your debtor through emails, texts, or phone
  calls.

6
The Customer is Unable to Make a Payment

• As the due date arrives, the settlement process
  ends here. If the customer makes the payment,
  then the settlement process ends here. However,
  there are many circumstances where the customer
  cannot pay the amount.

7
Draw Out a Debt Settlement Contract

• In such a condition, the best way to help
  yourself and the customer is to reach a debt
  settlement contract. In a debt settlement
  contract, you and the customer agree to settle
  the debt amount as partial payments through
  installments or settle the entire amount with a
  discount.

8
Receiving the Payment

• Once the debt settlement contract is drawn, the
  customer can make payment. Opting for a debt
  settlement makes it easier for both parties as
  the customer can pay off their debt quickly, and
  you dont lose money as bad debts.

9
Benefits of Payment Settlement Process

• Payment settlements process ensure you dont lose
  out on all the money the customer owes you. It
  also helps you avoid the long-and drawn-out legal
  process of getting the money from your debtors.

10
Thank You

• To Get B2B Credit Management Services
• Address 3/31, Chitrakoot Marg, Arpit Nagar,
  Vaishali Nagar, Jaipur, Rajasthan 302021 
• Mob 91 9509620034
• Email support_at_creditq.in 
• Visit https//creditq.in/