Late payments: an expensive habit businesses can break
Every year, Belgian companies spend no less than €9.2 billion on collecting their invoices. A staggering amount, especially when you consider that it’s simply money they are entitled to. Yet, for many organizations, getting customers to pay on time remains a major challenge.
Why are customers paying later and later?
There are several explanations for the growing number of late payments:
- More consumers are struggling financially. Due to the rising cost of living, more and more people are having difficulties paying their bills on time.
- Administrative carelessness is on the rise. The threshold to “just pay later” has become lower, especially when there are no direct consequences attached.
- 3 in 10 Belgians no longer feel ashamed about being in arrears. A striking shift in mentality: postponing payments has become more socially acceptable.
For businesses, this doesn’t just mean delayed cash flow, but also a significant administrative burden, extra pressure on the credit control department, and an increased risk of default.
The solution? Make paying easy and human
The good news: today, there are digital solutions that truly make a difference. By simplifying and making the payment process more accessible, you not only improve your collection rate but also build sustainable customer relationships.
1. Offer installment plans via self-service
For customers who are temporarily short on cash, an installment plan can mean the difference between paying or not paying. Make it easy to request, for example with an online tool where the customer chooses the number of installments and due dates themselves. The lower the barrier, the higher the chance you’ll get paid.
2. Use automatic collections
With a recurring payment order, you give your customer the option to have scheduled payments run automatically at fixed times. This ensures agreements are followed correctly—without manual actions or reminders. No surprises for your customer, and no follow-up stress for your team.
3. Reduce payment resistance with smart payment methods
The easier you make it to pay, the faster it happens. Research shows that we experience less “payment pain” when the process is intuitive and low-threshold. Think of:
- QR codes or payment buttons on invoices
- Multiple payment options (Bancontact, credit card, Apple Pay,...)
- Automatic payment reminders via email, SMS or app notifications
The result: social and efficient collection
With a customer-friendly approach, you can achieve more. You:
- increase your collection rate
- reduce your operational costs
- prevent escalation to debt collection
- and maintain your customer's trust
Watch the video
In the video below (Dutch only), Anthony de Bruyn explains the concrete steps you can take to make your invoicing process future-proof:
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