About Payment Reminders/Debt Collection Notice

Most companies selling products on credit will sooner or later come across customers who do not pay. In these instances, you can either post the customer's outstanding payment as a loss or try to recover the debt.

In order to recover the debt, you can send a payment reminder and/or a debt collection notice to the customer. You can send as many reminders as you see fit before passing the matter on to your debt collection partner. You can also add credit charges to your payment reminders, which will accrue until the debt has been paid in full. Payment reminders and debt collection notices can be created via an easy-to-use wizard in Mamut Business Software.

Mamut Business Software also allows you to create a separate credit charge invoice after the debt has been paid. Read more in About Credit Charging.

Note! Please note that there are formal requirements that must be met in regards to invoices, payment reminders, credit charges and debt collection notices. Please refer to the relevant laws and regulations or contact your accountant for more information.

Whether a customer is to be reminded and to which payment reminder group the contact belongs to is specified for each contact in the contact register. The default reminder settings are inherited when a new customer is created and can be specified in the Company Settings under Contact Management. Read more in Getting Started with Payment Reminders/Debt Collection Notices.

If overdue accounts and notices of debt collections are not paid within a certain period, you can pass the invoices on to Debt collection. Read more about this in About Debt Collection.

Tip! An alternative to following up your customer invoices yourself, is to send the claims to Factoring. To do so, you will need to have a contract with a factoring company. In Mamut Business Software, you are able to generate factoring files containing information about outstanding amounts and credit notes, which you can send on to your appointed factoring company. Read more about this in Factoring.