A First Payment Reminder Letter is a short, friendly reminder to repay an outstanding debt from a client or customer.
A First Payment Reminder Letter is useful for following up after an invoice and payment terms have been sent and the debt remains outstanding. This is the first part of a structured credit control process in the collection of debt, saving time spent on collections and maximising its effectiveness.
A First Payment Reminder Letter also helps to retain customer goodwill while encouraging prompt payment in order to maintain cash flow.
- Amount of the debt;
- Original due date of the debt;
- Any applicable interest; and
- Accumulation of daily interest.