Delayed payments can be particularly difficult for micro, small and medium enterprises because blocked receivables directly affect working capital. Businesses supplying goods or services on credit should maintain proper records from the beginning of every commercial relationship.
Maintain Proper Records
Invoices, purchase orders, delivery records, work completion documents, agreements, emails and buyer acknowledgements should be preserved. Businesses should also maintain relevant registration and transaction records required for any remedy they may seek.
Understand Available Remedies
Eligible enterprises may have specific remedies relating to delayed payments under applicable MSME legislation. Depending on the circumstances, the matter may involve the MSME Facilitation Council and related mechanisms.
Eligibility and procedural requirements should always be checked against the specific facts and current applicable law.
Before starting formal proceedings, it is useful to review the transaction documents, outstanding amount, payment terms and buyer's conduct. A structured assessment can help determine the most appropriate route.
Stop chasing old payments.
Share your outstanding-payment matter with DEBT RECOVER SERVICES and let the team assess the appropriate recovery approach.
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