Getting paid on time is a common point of pain for many small business owners, especially those who are just starting. It doesn’t matter how many sales on credit you make, at the end of the day, money not yet received won’t put bread on your table or keep your business afloat. The debt recovery Dubai agencies can help you here with their knowledge and credible expertise.
They have vast knowledge in this sector and have an experienced team. They can help you with advanced updates and knowledge. Moreover, they can simplify the procedure for you and can help you remove most of the complexities.
Ways to Get Paid Quickly
Below are some effective and efficient ways to get paid more quickly in the UAE. It is better to have this knowledge, especially when you are running a business or a firm. Independent workers such as freelancers can also take guidance from these.
- Reduce Your Credit Terms
The first and most obvious option is to reduce your credit terms. In many industries, long payment terms are becoming a thing of the past, when payments made by cheque through the post were common. With invoices sent and paid online, many businesses give 14-day terms.
Rather than the customary 30, and some only 7 days to pay for their goods and services, this seems a better option. You should always keep this strategy in mind for fast payments, and on time as well.
- Create Incentives
Make it in your debtors’ best interests to pay you early. Provide a discount to encourage payment within 7 days from the invoice. Usually, 1-2% off the sum of the invoice will suffice. Conversely, if the due date is past and you still haven’t received payment, you can charge daily interest, also known as overdue fees.
Try not to go overboard with late fees, though, as you may get some backlash from unhappy customers. Consider waiving these penalties for first-time offenders with the help of debt recovery Dubai agencies. Customers will remember that you’ve helped them out in a time of need, and will hopefully do a better job at abiding by the deadlines next time around.
Hence, if you want to avoid bad debts and get your payments quickly, it is better to seek professional help. The debt recovery Dubai agencies are all over the UAE, including Sharjah, Ajman, Fujairah, and Abu Dhabi.