Setting out a budget is way of money management to carry out expenses in an available amount. A person is bound to do payments in personal life as well as if he is an owner of business or running a chain of industries. Late Reminder letters with specific format is designed by suppliers and vendors and other parties in the business providing some sort of items. Templates can be designed for different purposes.
Check out overtime letter sample in Microsoft Printable format. When a person is making a purchase in the shopping mall or departmental store he needs to make a payment instantly as he is not directly linked to other party and it involves paying out a small amount. However when it comes to business bulk of items are purchased and kept in stores.
Format of Payment Reminder Letter Template
In case of ignoring a notice by a company suppliers may memorize the company of payment is a little harsh manner telling them of the consequences they will bear in case of nonpayment. A letter can be formed in Microsoft word.
It must be in a clear and professional manner as it represents a company. Penalty amounts must be showed in this letter as well as the date when these penalties are charged to purchasers.
- Credit cards are most commonly used nowadays as it has made payment procedure easy and save.
- Carrying money in the pocket is not save as rate of crimes are continuously rising however making credit card payments on time is essential.
- It helps in keeping a person away from spare expense which can be charged in form of interests due to late payment.
- Money earned by a person is due to hard work performed by him in a business therefore he must value the use of money.
- Late payments cause penalties to be paid by a person increasing his expense without buying any new useful item.
- Person impression in the bank as well as on other person may become bad and may affect the relationships.
- In case of late payments it may cause a stress build up on the owner mind affecting his thinking power.
- Wrong decisions may be a result which effect business in a short term or a long term.
- Supplier and purchaser relationships will be affected. Disputes may occur and friendly relation will be destroyed.
- Penalties due to late payment can be avoided by business increasing its profit.
Sending a First Reminder Letter
Suppliers as well as business when indulged in supplying some items to other companies need a payment to carry out their business processes on time. However in case of nonpayment on the time of delivery a supplier send a reminder letter to the company on the first day in a very polite and soft manner to remind them of the payment as well as amount they need to pay.
However in case of non payment even after a week or 2 week as they policy of company a second letter is published and sent to other company to remind them of the expense in a medium manner. They are emphasized to do a payment instantly or very soon.