When an individual or any organization has to deal with big transactions, there come times when the buyer does not pay on time. This may happen because of many reasons. One reason may be this that the party may have missed the payment. It may also happen because of several other reasons. The best solution to this is to issue a late payment notification to the defaulting party. This will remind them that the payment is still due and the process may be prompted after the notice.
Even for issuing a late payment notification, there is a set way or procedure that is followed in organizations. The companies usually take precautionary measures that, make sure that the payments are not delayed. However, at times, this all gets unavoidable and it gets very difficult to retrieve a payment due.
The first letter or letter is issued to the party which is a soft notification. The first notifying letter is usually short and a friendly reminder. As a precautionary measure, this reminder may also be included on the statement page itself. After some time a follow-up reminder or letter is sent. It usually is more direct and less friendly than the previous one. After this, a demand payment letter is issued. It has a direct approach and it asks for a payment within the next 7 days and a warning for legal action is directed otherwise. The last one demands the payment and mentions the details of the legal proceedings.
As this is a lengthy process, so users use templates for this purpose. These templates save time and efforts of the user. It also ensures that each of the notifying letters is written on the write pattern and follows the correct tone that should be followed. So, it is simple, in order to avoid spending one’s valuable time and effort asking for due payments, one should have a collection of notifying letter templates ready to use. This will also guide the user about the timing process for sending each. The person to use can choose any template from the given options easily and can edit it accordingly.
Late Payment Notification Template MS Word
Late Payment Notification Letter Template