“What is the absolute most you can pay today?”- my 9 favourite words in the world- this is why:
1. Any payment, regardless of amount, resets the Statute of Limitations for another 6 years. That’s right- you get 6 years to pursue an invoice- get a payment and it resets for another six.
2. Any payment negates the customers claims to a dispute. So simple, so powerful, so underutilised.
3. Any payment reduces your overall risk.
4. Any payment “invests” the customer in repaying the debt. You now have leverage- they walk away after making a payment, that money is wasted. They may as well not have paid.
5. The customer is now “A payer”. Again, you now have leverage and can say things like this: “John you have already made a payment so clearly you want to do the right thing and I want to help you ensure that money doesn’t go to waste”.
The next time you are chasing an outstanding invoice guys, don’t focus only on the full amount or nothing- get a part payment at a bare minimum and watch how powerful it is.
Have a great day everyone