{"id":31633,"date":"2019-07-19T09:18:14","date_gmt":"2019-07-19T01:18:14","guid":{"rendered":"https:\/\/zegal.com\/notice-of-payment-60-days-overdue\/"},"modified":"2024-08-20T15:34:58","modified_gmt":"2024-08-20T07:34:58","slug":"notice-of-payment-60-days-overdue","status":"publish","type":"page","link":"https:\/\/zegal.com\/en-sg\/notice-of-payment-60-days-overdue\/","title":{"rendered":"Notice of Payment 60 Days Overdue"},"content":{"rendered":"

Essentially, a Notice of Overdue Payment (60 Days Overdue) is an important letter to have in any small business\u2019s arsenal. Notably, as a small business, managing cash is an important part of day-to-day operations. Additionally, instilling a smooth workflow to communicate reminders of overdue payments ensures a collections process that is effective and efficient.<\/p>\n

Firstly, a formal and process-driven set of communications using well-written templates goes a long way to ensure that you can collect payments in a courteous and timely manner.\u00a0 Secondly, the Notice of Overdue Payment letter can also be called a Collections Letter, Letter of Demand, or a Past Due Invoice Letter.<\/p>\n

<\/span>What is in a Notice of Overdue Payment (60 Days Overdue) Reminder?<\/b><\/span><\/h2>\n

In essence, a short, crisp and factual letter is key. Additionally, one that is sent out on a regular basis and using a standard process. Importantly, this can take much of the emotions out of the collections process.\u00a0 Therefore, ensure you have the following:<\/p>\n

Contact Details of the Customer<\/b>\u00a0\u2013 Include at least the address, telephone number and the email address.<\/p>\n

Amount Overdue\u00a0<\/b>\u2013 The amount that needs to be paid by the customer.<\/p>\n

Invoice Reference\u00a0<\/b>\u2013 It is always good to refer back to the invoice in question and mention the date in which it was raised to increase the sense of urgency.<\/p>\n

Your Contact Details<\/b>\u00a0\u2013 Always give the customer as much information as possible to contact you to help resolve the issue.<\/p>\n

<\/span>When Should You Use a Notice of Overdue Payment (60 Days Overdue) Reminder?<\/b><\/span><\/h2>\n

Generally, a formal notice can be sent any time after the invoice is past due. Additionally, make sure that there is a process of escalation if you don\u2019t receive payments after 2 or more attempts at contact.\u00a0<\/p>\n

<\/span>Conclusion<\/b><\/span><\/h2>\n

A proper and courteous letter when payments are past due will always help to keep a cordial relationship with the customer.\u00a0 Use this handy letter as the first step in collecting.\u00a0 Ensure that you have a series of escalating letters if payments have still not been made.<\/p>\n

<\/span>You Might Also Like<\/span><\/h2>\n

Along with this document, make sure you see these other templates in our library:<\/p>\n