The cross-border B2B transaction cycle is relatively long, with many intermediate links. If there is a problem in any link, the seller may face huge losses. Generally speaking, the longer the payment is delayed, the greater the seller’s loss. Therefore, in the entire foreign trade transaction process, sellers are often cautious, but even so, sellers may still encounter some problems, such as overdue payment. For sellers, the longer the payment is overdue, the greater the financial pressure and the more difficult it is to collect the payment. So how should sellers collect the payment?
1. Find out the reason for the delay
In fact, not every customer who defaults on payment is intentional. Some customers may really default on payment due to forgetfulness, omissions and other reasons. At this time, appropriate reminders may help sellers solve this problem.
If the other party defaults on payment due to dissatisfaction with the cooperation, the seller should ask in time so as to remedy it in time. Providing services that satisfy the other party can, on the one hand, prompt the other party to pay the balance, and on the other hand, maintain a good cooperative relationship so that the cooperation can continue next time. If the other party deliberately defaults on payment, the seller needs to enter the collection process.
2. Find the object of collection
The selection of the collection object is very important. If the seller finds a junior employee of the other company, the junior employee has no decision-making power and little say. If the seller asks for payment, the other party may not be able to solve it. Therefore, when choosing the object of collection, the seller is better to find the boss or financial director of the other company directly.
3. Collection method
After all, they are partners, and most sellers are unwilling to have a bad relationship with customers. Therefore, the seller needs to adjust the response strategy according to the reasons given by the other party. If the other party says that it is due to a shortage of funds, the seller can agree with the other party to pay in installments.
The effect of using softness to overcome hardness is often better. Appropriately selling misery and telling the other party about your own difficulties can also prompt the other party to pay.
If the other party is still unwilling to pay after repeated collection, the seller needs to be tougher. Act in accordance with laws and regulations, give the other party a limited period of time, and tell the other party what consequences they will face if they are unwilling to pay. If this method does not work, the seller may need to seek a specialized, formal, and legal agency to handle the matter.