Using Mercantile Agents – A Practical Guide.
These are some of the systems:
Having an efficient credit management system in place, with clear and concise credit policy and protocols.
Having a Mercantile Agents that empower the client to to credit check and screen risky customers or clients.
Having a credit management system which enables them to work out who their slow paying clients are and their credit worthiness;
Including a dated record of all transactions, including customer’s reasons for late payment and when to expect a mercantile agent to be needed.
Invoicing by email rather than post, as this is faster and provides them with online records.
Invoicing as soon as possible to the time they supply the goods or services, which leaves less of a lag time between provision and invoice.
Making it easier for their clients to pay them directly by crediting their account online.
Considering the benefits such using Mercantile Agents for early or prompt payments as incentive options.
Chasing after overdue bills at least once monthly.
Having a system in place, which flags outstanding invoices, and attending to them as a matter of priority.
Some tips from the mercantile experts:
Implementing best practice credit practices can save your business a lot of time, as well as thousands of dollars in unpaid bills and debt recovery fees.