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5 Steps You Can Take to Get Paid!
There are always some companies that have past due invoices
and can't seem to get them paid. They might be quietly waiting to
get paid not wanting to contact the client for fear of appearing
"desperate". Sometimes a big part of the problem is no response,
it is bad enough when you are not getting paid, but when orders
keep coming in and you are not getting any acknowledgement to
your collection efforts, you just can't keep processing
orders.
There are steps you can take to get paid on those past due
invoices and keep new invoices current.
Step #1 Gather together all the past due invoices, and stamp
them PAST DUE.
Step #2 If you have an email address or phone number with a
contact name for your client, email them or call them and give
them the information on the past due invoices and let them know
their account is on hold.
Step #3 Mail the invoices to your client with return receipt
requested or send them in a flat rate Priority Mail envelope with
delivery confirmation.
Step #4 Send a letter with these invoices stating the age,
invoice numbers, their PO#, your account #, total amount due, and
any other pertinent information.
Step #5 Tell them their account is on hold and you will not be
shipping any more products or providing any services to them
until these invoices are paid. You can include a self addressed
envelope and state that you have enclosed an envelope for them to
send their check. Give them a date, to have this paid to you.
Once they have received the package, email or call them. Ask
them what they are doing with the invoices. Ask them questions
such as:
Do they have to be approved by someone else?
If they have to be approved, who has to approve them and when
will they give them to that person? Get that person's direct
number if possible. Find out if that person signs the checks.
Are there any discrepancies with the invoices?
When will the check be cut? When can you call back for the
check number?
Once all the past due balances are cleared up, you need to
think about future invoices. Do you want to extend credit again
or do you want to have pre-payment or payment at the time of the
order. Whatever you decide put it in writing. If you can both
sign the agreement, that is even better. Remember, having a
credit policy in place tells people you mean business.
Michelle Dunn has over 17 years experience in Credit and Debt
collection. She is the founder and president of Never Dunn
Publishing, LLC, is a writer, publisher, consultant and the
Editorial Advisor for Eli Financial Debt Collection Compliance
Alert Newsletter.
Michelle started M.A.D. Collection Agency in January 1998 and
ran it successfully until she sold it in December 2004. She owns
and runs Credit & Collections.com an online community for
credit and business professionals. http://www.credit-and-collections.com
Michelle has been featured in Ladies Home Journal, PC World,
Home Business Magazine, Home Business Journal, Entrepreneur, The
Internet Web Source, Professional Collector, and in Home Based
Business for Dummies, Shameless Marketing for Brazen Hussies,
From the Home-Front The Simple guide to starting and Running a
Home based business, she was a featured guest on (NPR) National
Public Radio and has been in many newspapers nationwide. She has
many published articles and 3 published books to add to her list
of accomplishments.
MORE RESOURCES:
Credit - Google News
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