What Steps Are Taken During The Payment Settlement Process?
                     What Steps Are 
Taken During The 
Payment Settlement 
Process?
What is Payment Settlement 
Process?
You make a sale and expect to get your money as 
soon as customers receive the goods. Not every 
customer makes a timely payment for an invoice. In 
such cases, you must chase the amount and go 
through the payment settlement process to get 
your money.
Customer Order 
Creation
How Payment Receiving the Payment Payment Reminders
Settlement 
Process Work?
Draw Out a 
The Customer is 
Debt 
Unable to Make 
Settlement 
a Payment
Contract
Customer Order Creation
Most people think payment settlement starts 
after the due date is over. However, it begins 
with invoice creation when the customer 
places an order with you on your website or 
makes an in-store purchase. Once you provide 
the service or the product, you generate an 
invoice that the customer can pay by the due 
date. 
Payment 
Reminders
After the invoice is issued, you 
should not forget about it until 
the due date arrives. Take a 
proactive approach and send 
payment reminders to your 
debtor through emails, texts, 
or phone calls.
The Customer is 
Unable to Make 
a Payment
As the due date arrives, the 
settlement process ends 
here. If the customer makes 
the payment, then the 
settlement process ends 
here. However, there are 
many circumstances where 
the customer cannot pay 
the amount.
Draw Out a 
Debt Settlement 
Contract
In such a condition, the best 
way to help yourself and the 
customer is to reach a debt 
settlement contract. In a 
debt settlement contract, 
you and the customer agree 
to settle the debt amount as 
partial payments through 
installments or settle the 
entire amount with a 
discount.
Receiving the 
Payment
Once the debt settlement 
contract is drawn, the 
customer can make 
payment. Opting for a 
debt settlement makes it 
easier for both parties as 
the customer can pay off 
their debt quickly, and 
you don’t lose money as 
bad debts.
Benefits 
of Payment 
Settlement Process
Payment settlements process 
ensure you don’t lose out on all 
the money the customer owes 
you. It also helps you avoid the 
long-and drawn-out legal 
process of getting the money 
from your debtors.
Thank You
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