4 Tips to Recover Unpaid Trade Invoice from Buyer Faster

“I don’t mind when my invoices are ignored by the customer.” – Said NOBODY. Ever!

Unpaid invoices are a universal headache in business, and this rings true whether you’re an exporter, supplier, or manufacturer. We’re about to unveil some secrets that can help you get paid promptly and avoid the need for professional services.

Step 1: Written Reminders

The first secret weapon in your arsenal is a well-crafted written reminder:

– Limit to 2 Reminders: Issue a maximum of two written reminders. Avoid labeling them as “first reminder” or similar, as this signals there will be more to come.

– Consequences Clearly Stated: Clearly state that non-payment will lead to escalated steps. Begin with a friendly reminder to encourage amicable settlement before proceeding to a more formal notice.

Step 2: Follow Up with a Telephone Call

The next step involves a direct conversation:

– Focus on Settlement: During the call, focus solely on settling the invoice. Avoid discussing other matters.

– Refer to the Overdue Invoice: Directly reference the overdue invoice and inquire about the reason for the payment delay.

– Insist on a Concrete Response: Ask the customer for a specific payment date and insist on a clear response.

– Document the Agreement: After the call, follow up with an email or letter summarizing the agreements discussed. This documentation will prove valuable if legal action becomes necessary.

Step 3: How to Deal with Excuses

Now, let’s tackle the common excuses for non-payment:

– Forgot to Pay: If it’s a case of forgetfulness, consider granting a time extension of a few more days to maintain a good working relationship.

– Cannot Pay: For those facing financial constraints, explore options like a payment plan, discounted price, or even a barter arrangement.

– Refuse to Pay: When a customer outright refuses to pay, it may be time to initiate legal action. If they persistently ignore your settlement requests, consider involving a third-party service provider to exert pressure on the debtor.

If you’ve diligently followed the first two steps without success, it’s a sign to take more assertive action:

Time to Call in the Pros

When your patience has worn thin, and the debtor still won’t pay, it’s time to consider enlisting the help of third-party service providers. These professionals are active in the country where your debtor is located, and they specialize in claims recovery.

When your hard-earned profits are at stake, it’s essential to act promptly and decisively. Recoupex specializes not only in marine cargo claims recovery but also unpaid cargo invoices, we’re your ally in ensuring that your claims are settled efficiently and professionally.

Don’t let unpaid invoices weigh down your business. Take action, recover your dues, and keep your operations running smoothly.

Recoupex is a hub of transport lawyers – experts in cargo claims. We assess your case quickly. We have successfully recovered claims from Maersk, Sealand, Hapag-Lloyd, Mediterranean Shipping Company – MSC, CMA CGM, and other carriers.

SUBMIT A CLAIM NOW!