#debt #collections #money #accounts - Debt Collection Agency
Customer bills that are unpaid after the terms that were set are considered past due accounts. Many business owners and managers have a billing processes, but no process for collecting on past due accounts.
One of the biggest dilemmas small business owners face when managing a business in collecting on past-due accounts. Why, do we have a fear of contacting clients or customers who owe us money? Most business owners avoid calling a client of customer on a past-due account, they prefer to send a letter, which do not bring results. Here are a few step to collecting on past due accounts.
1. Once an invoice has been sent to the client or customer, and payment has not been made with in the terms. Give the client or customer a professional courtesy call to confirm that they received the invoice.
2. After 1 week if payment has not been paid, place another professional courtesy call, advising that the payment still has not been received, be sure to ask when payment will be send, the check number and amount of check.
3. Send out a demand letter immediately after call.
4. Contact a reputable collection agency who specializes in collecting on business accounts for past due account over 90 days.
Constant communication trains customers to pay bills promptly and establishes an efficient, professional relationship between you and them.
Be sure to view your accounts receivable aging reports periodically to avoid delaying the contact of past due accounts.
Bonus Tip: Be consistent, don’t hesitate, the longer you wait to contact, the harder it would be to collect.
Article Source: Jonathan Jones – www.EzineArticles.com
Call Accounts Retrievable System For More Info at (800) 327-4687