It can be frustrating to put in the time and effort to successfully haul a load just get stuck waiting for payment from your customer. Freight invoice collection can be a pain for small trucking companies and owner-operators who have to focus much of their time and energy into finding and hauling the next load. Stopping business because of a delayed payment from a customer is never the route a trucking company wants to take, but when late payments start to pile up it can become too costly to keep hauling more loads.
Trucking companies should try following these steps in order to make freight invoice collection easier. Some companies find that using invoice templates could help them keep track of their invoices especially if you’re a new trucking company.
1. Tracking System
Paying the small fee for a tracking system to be added to your invoices can end up being more than worth it when your customers are slow to pay and causing you a hassle. These system will automatically send out an alert when the invoice becomes overdue and helps trucking companies ensure that their customers pay.
2. Follow Up System
Along with tracking your invoices, consider establishing a consistent follow up system for every time you have freight invoice collection issues. Once an invoice is overdue, have an email, letter, or phone script transcript ready to be sent out to the customer that notifies them of their need to pay. By already having this plan in place, trucking companies save time in the freight invoice collection process.
3. Make Payment Easy
Don’t let you customers have any excuse not to pay the invoices on time. Make sure your invoice format is clean, neat, and easy to understand with the amount due clearly stated along with applicable taxes, payment terms and options, and where to send the payments. You can even get free invoice templates to make it easier for you and your client.
4. Offer Incentive
By providing incentive or discounts for customers that pay early, you might save yourself a headache later on. Early payment incentives often help to encourage faster payment from customers that would otherwise take their time and hold back your trucking company.
5. Don’t Wait
Issue invoices as soon as a job is completed and any freight invoice collection issues immediately as they arise. Procrastinating will only hurt your trucking company later on make customers think that can get away with late payments.
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