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What’s the best way to approach negotiating with clients or suppliers about payments?

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What’s the best way to approach negotiating with clients or suppliers about payments?

  • Clarify what is owed and when – this must be agreed first
  • Start a paper trail –summarise the situation with exact details in an email – you can follow up by phone.
    • If you owe money and have a flexible payment idea put your options forward;  
    • For example suggest split the invoice payments 50/50 or a different payment deadline dates; like spreading over monthly payments for 3-6 months
    • Or if you have a good relationship agree to defer payment and reviewed at a certain date when the crisis is looking like it might be over.
  • Be flexible and be prepared to hear counter-offers or possibly a blunt refusal
  • Approach those who owe you money and offer flexible terms for early payment; would you be prepared to offer a discount for immediate payment
  • Whatever it is finalise and agree it all in writing and be clear about the terms, invoice reference, dates and amounts.