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The bigger an organization, the more people involved in vendor relationships. Further to your email requesting payment for the supply of branded mugs to Miley & Co. Kindly recall that 5 of the mugs delivered was damaged. Also recall that our vendor policy, which was given to you on engagement, states that delivery must be complete and in good condition for payment to be processed. Help reduce delinquent vendor payments by using this process chart example to show the flow of documents, approvals and verifications that are needed to get bills paid in your organization. In the meantime, please put up with me. Date: 8/8/13. This can be especially effective if you have a familiar relationship with the customer and assume the late payment was an oversight. Therefore, I am writing to apologize for the late payment of [amount]. I am sorry I have not been able to clear the balance. I appreciate your patience and understanding on the matter. Regardless of the situation, it is very important to seek apology. Preparation is the key to getting past the excuses. It has taken longer than expected. However, this shall never happen again in future. We promise it shall never happen again. I would like to bring this letter to your attention. I had an emergency issue [mention the issue] and required a lot of money. Establish Clear Payment Deadlines. You owe money, but your customers might not be making their payments; or you lost a big customer; or business has fallen off across-the-board. While 60- or 90-day deadlines are common, don’t adopt them just because others do. No matter the tone of the vendor’s email or actions take responsibility for your own actions by maintaining professionally. Hope … In all business communications, not just when dealing with vendors or payment issues, ensure you keep the tone professional. Paying suppliers late is an ethical issue that doesn't receive the column inches of Libor Fixing or phone hacking, and yet it is a scandal that affects the lives of many. I received my pay today and I banked the money to the schools account. Click here for instructions on how to enable JavaScript in your browser. I promise that it shall never happen again in future. As businesses depend on the input, product or service of vendors to execute their own client transactions, managing vendor relationships properly are essential to business success. Digital Communication Tips for Professionals, we use at Woculus to keep our contents professional, Five Customer Service Email Examples for Replying Angry Customers, How to Answer Emails Professionally (With Examples), Reply Email Samples for Different Situations (Several Examples), 9 Tips You Need to Write and Respond to Emails Professionally, How to Write Acknowledgement Email Replies (With Samples), 7 Common Mistakes Companies Make With Their Social Media Strategy, How to Write Cold Sales Emails that Convert Quickly, 8 Sales Email Subject Lines That Get Results, Landing Your Dream Job: Tips for Writing Introduction Email, 7 Examples of Professional Out of Office Emails – Permanent and Temporary Autoresponses, How to Respond to Your Boss’s Warning Via Email. It may therefore make it difficult to figure out on the best way to send an apology. This will help you from appearing to be a bad person. I was required a lot of money to settle the issue. Also,... How many unread messages do you have in your inbox? I understand I was supposed to pay by [date]. One way of contending with late-paying clients is to establish immovable payment deadlines in a contract that clients will sign before you start work. To, Whom it may concern. Subject: Apology for Late Payment of Tuition Fees. Clear vendor management policies, designated vendor management personnel and effective communication are the fundamental building blocks that facilitate the professional handling of vendor payment requests. I am so regretful for delay in payments. Duplicate payments: If an invoice is not paid on time, the vendor is likely to send follow-up invoices, and this can result in duplicate payments. Make a phone call to request payment on a late invoice. It happens to all of us at some point. I am writing to inform you that my current income from [CPP, OAS, Disability Pension, Government Assistance, etc] is not enough for me to be able to make any payments towards my alleged debt at this time. The day for payment may be due but the recipient has not yet issued you with the invoices. Your Net 30 will turn into a net 45, 15 days past the due date. When you give this reason make sure you state when you expect the person back. You are writing the letter because you are now well; in this case make sure that you make the payment on the same day you are apologizing for making late payment. Most importantly, know when to stop chasing a late payment. This is because my salary was delayed. We had a small problem with our systems but now we have fixed. Understand the issue that needs to be addressed. Kindly forgive me for that and it shall never happen again in future. Determine what deadline you want based on what your cash flow needs are. For these reasons, an understanding of. This has affected the salary department. We appreciate your patience and great understanding. I attach another copy with my payment details. Enclosed please find a check in the amount of $11.38, the interest on this month's balance. I will pay all the money required. Apology Letter for Late Payment. On the other hand, let’s suppose you’re one of the vendor’s smaller customers, you have a spotty payment record, and there aren’t too many alternatives to your current vendor. We kindly request that you verify an ETA for the past due payment and late fee. This becomes a good reason for not paying your bills on time, for example, payment of school fees or rent. I understand that there is a penalty of [Amount]. I knew that a late payment stays on your credit report for seven years and can drag your scores down—and the more recent the blemish, the bigger the hit your scores take. When we (the company I'm at now) have delinquent customers call for service, I just tell them that there is a flag on their file to talk to accounting, even though I know what's going on. If you have any queries on the account lets us know. The actual vendor engagement and expense approval process should be outlined in your company policy. When making a payment for a bill or a loan, the best thing you can do is to pay on time, every single time. No employees will be able to receive their paychecks in time. Or two? Professional handling of vendor payment requests starts from the initial engagement with the vendor. Vendors that are unreliable and fail to meet timelines and requirements spell doom for a business, likewise, businesses that fail to pay invoices as and when due adversely affect the cash flow of their vendors. I wish to bring to your attention that I will not be able to pay school fees on [date]. Kindly get back to me through my [email/phone number]. You could have been expecting some money from somewhere, it could be from your employer or a person you supplied some goods to. In this reason, you have to explain the thing that occupied you for example, you went on a vacation, or a family member got sick etc. Therefore, I believe that was a valid reason for me to be late. When you give this reason, you also have to give a date on which you intend to pay, or state that you will pay immediately you receive the pay. An apology letter for late payment is written to express regret for making a late payment. I have not yet received my salary from my employer. You got sick and you are hospitalized. This is part of business etiquette that helps to maintain good business relationship despite the mistake of failing to pay on time. I understand i was to make payments of the year [year] by [date]. Nevertheless, I am working out in finding another job. Think twice about penalizing for late … I have been quite late in payment of [Mention item] because of some personal issues. I thank you for being patience with me and I promise that next time this will not be experienced. I had un foreseen issue [name the issue]. The person to authorize the payment may have travelled or taken a vacation from office. For this reason, it is important to set and manage vendor expectations by communicating clearly and promptly. Use good and kind words to convince the recipient of the letter. We hope to receive the products in two days’ time and once we do, we will do a refund to you with immediate effect. Writing this type of letter is not a guarantee that the financing will be approved, but a well-crafted letter will certainly increase a … Once delivery of the mugs is made, payment can be expected with 2 to 3 days. You may contact me through [phone /email] concerning the matter. Please do not hesitate to contact me for any additional information. Late payments are embarrassing and can result in costly fees or interruptions in service. That hurt, but I was more worried about what the late credit card payment would do to my credit scores. I am aware you should have received the salary by [date]. Drafting reminder and explanation letters for late payment can be a difficult task. I am currently having the half of the rent. I can really understand your concern, but I lost my job on [date]. This article will not only provide samples but also give you an in-depth information about writing reminder as well as explanation letters for delayed payments. My child was joining university [school] and I was required to pay school fees in time. We’re hoping this can be avoided. To ensure a healthy relationship with the vendors that serve your business: Prior to engaging a vendor to provide a product or service, professional best practice is to have a policy about how vendor relations will be handled. Kindly, excuse my delay for few months before I get back to it. In the example above, notice how the 3rd paragraph provides next steps and sets an expectation for the vendor. In an ideal world, this would always be the case. If you work in a business or corporate environment, you need to learn how to respond to your boss's warning. All paychecks will be available from [date]. However, I am looking forward to send the total amount by [date]. I understand the inconveniences that this delay may have caused you and I am really sorry for that. If possible, you can pay immediately and attach the payment documents as well. Because... You have entered an incorrect email address! We look forward to your prompt response and the conclusion of this process. I sincerely apologize for not paying your debt of [amount] as we had agreed. When you give this reason be sure to ask if there is another method that you can pay through to avoid causing inconveniences. Save my name, email, and website in this browser for the next time I comment. These fields include confidential payment information, such as vendor address and payment text. We apologize for the error within us. When you give this reason, make sure you pay on the same day that you have written the letter and attach the document that will prove to the recipient that you have really paid. However, we are trying out our best to speed the exercise. When this responsibility is unclear a vendor’s invoice can be left unhandled for weeks while everyone assumes someone else is handling it. This is a good reason because it is not possible to make payments in the hospital bed or while in hospital. Ask for the payment simply and be straightforward. We would not like to be late in enrolling in your school. Otherwise, we are looking forward in receiving the payments by [date] latest. These payments will be sent to you by [date]. I hope that I can avoid accruing any late payment penalties by resuming payment next month. The delay is not intentional. An apology letter for late payment is written to express regret for making a late payment. It is an acceptable reason. I am now recovered and have returned to work and fully expect to resume payments in full next month. In addition to the information presented through Vendor Payments, EVR displays fields that would be included on the hard-copy warrant stub. Let us put this behind and keep our business in right direction. I promise that this shall never happen again. I appreciate your time and understanding. Another practical example for managing expectations is instead of telling the vendor to expect payment by Monday when bank processes may delay the payment let the vendor know that the payment will be processed on Monday and value should be received within 2 to 3 days due to bank processes. Chinazom has a Bachelors in Business Administration with a major in marketing management and over 4 years of practical experience working as a business consultant providing business development and operational support to organizations. In this case apologize for the mistake and state the date on which you expect the new one. With these key factors in place replying professionally to vendors requesting payment is a piece of cake. I promise that this situation shall never happen again in future. Tap into proper email writing skills and etiquette to manage vendor expectations properly and reply professionally to vendors requesting payment. We are afraid that there have been no payments received. Respond to the issues, offer solutions and maintain the business to vendor relationship. Here are some tips to help you respond professionally to vendors requesting payment via email: A vendor email requesting payment is a business process issue and should be handled with objectivity. Let this not affect your performance and dedication to the company. After 50 days late payments attract a 5% penalty. We are still waiting for your payments, which was due by [date]. We are committed to pay the tuition fee. 5 common excuses for late payments (and how to respond to them) By Nicki Cho — Feb 2018 — 3 min read. The entire tuition fee shall be available on [date]. I understand that our good company owes your business quite a lot. You can also ask the recipient if they can accept payment through an alternative method apart from the cheque. I understand I was supposed to pay [item to pay] by [date]. We shall rely on the government portal for updates on budgets. Your process for changing banks may take long and catch up with the date on which you were to pay your debt. Making delayed payment of invoices to your vendor (or supplier or client or any other parties) is a bad business practice. 2. All of a sudden, I was slapped with a $27 late payment fee. If you don’t hear back from the client after your first check … This shall never happen again. If the good that you are supposed to pay were not received on time, you can state this in the letter and attach supporting documents to show that you actually received the goods late. It a competing vendor will give you net-60, tell your current vendor you want new terms. Follow up at the Right Time. I would like to bring to your attention that I made the payment quite late. I have attached the bank slip. This is a problem that happens especially when you are making the payment through a specific system. Currently you have JavaScript disabled. You just discovered that your cheque book is filled up and have requested for a new one. Let the recipient know that you will pay immediately you receive the invoices. The Top 7 Excuses for Being Late on a Payment. Please forgive me for that. Vendors, like businesses, must manage their cash flow efficiently to ensure optimal business processes. I hope that we can promptly arrange for me to pay on a later date. In this case, let the recipient know that you are waiting for the invoices so that you can pay. Sometimes we think we've already paid the bill, and sometimes we just don't have the funds when we need them. I will pay all the rent required by [Date]. How to Write a Late Payment Letter. My sons name is Ryan who is in grade 2 yellow. Afterward, you should send several emails with direct requests for payment – each with a firmer … Another practical example for managing expectations is instead of telling the vendor to expect payment by Monday when bank processes may delay the payment let the vendor know that the payment will be processed on Monday and value should be received within 2 … The entire vendor process could involve the actual team that needs the product/service, the admin personnel that finds and engages the vendor, the finance department that reviews the invoice and the management personnel that approves the expense. The costs for treatment were so high than I expected. For instance, if your vendor policy requires a vendor to replace damaged pieces in products they deliver, inform the vendor professionally. It shows that you are actively seeking a solution to their issue. We value our business relationships so much. 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