What is a Payment Plan?
A Payment Plan is an agreement between you and your debtor that they will pay a percentage of the money they owe you at agreed (usually monthly) intervals.
Payment Plans can make it affordable for your debtors to repay you, and keep the impact on your business’ cash flow at an acceptable level. Since the payment is still overdue however, your debtor’s credit score can still be affected.
What is Nimbla’s policy on Payment Plans?
Before you agree to a Payment Plan, you must inform Nimbla of your decision to do so. Please note that Nimbla's Terms and Conditions specify that policyholders must place overdue invoices for collection by a debt collection facility within 67 days of the due date. We offer debt collection facilities with Nimbla's collections partner Koguda as part of our insurance policy. This service is free if your invoice is insured with Nimbla, though if you wish to use a separate company you may contact us for approval.
Koguda's payment recovery experts intervene to relieve you of the administrative burden of debt-chasing, getting you paid quickly whilst protecting your customer relationship. Koguda takes a solution-oriented approach, working with your debtors to either get you paid immediately or to identify a workable repayment plan.
Click here to learn more about Koguda, or submit an overdue invoice for collection.