Hub You
#1 in Business Subscribe Email Print

You are here: Home > Business > Business > Collections Checklist: How to Collect Past-Due Accounts

Tags

  • because
  • value
  • reduce
  • customers business
  • sense while
  • customer offer

  • Links

  • Nine Things You Should Know About Yoga for Children
  • How to Find Affordable Health Insurance in Washington
  • Link Building - The Basics
  • Hub You - Collections Checklist: How to Collect Past-Due Accounts

    Plastic Fundraising Cards: Powerful and Profitable
    Plastic fundraising cards are proving to be very effective with many different types of businesses and organizations. These wallet-sized wonders are being created as a tool to raise money for charitable organizations, in addition to the flexibility of producing cards for gift, loyalty and membership marketing purposes.Plastic fundraising cards usually include a variety of discounts that are accepted
    usiness sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.

  • Play “good cop/bad
    Professionalism
    Always be professional, do not fall into the old friends trap, you will lose more than you will ever be able to gain back. I have had a few occasions where I was doing business as a consultant and I was asked if I could attend a social event to celebrate the success of the project. I was pleased that the company had asked me and I graciously accepted. The event was on a Saturday afternoon so I dressed appr
    While having a small accounts-receivable balance indicates good financial management, (around 1.5% to 2.5% of your gross income), collecting past-due balances is a displeasing aspects of business. Studies show that 75% of receivables that are 3 months delinquent are paid. However, this number drops to 56% after 6 months. Therefore your delay in collecting past-due accounts will reduce your chance of receiving payment. This checklist should help you reduce the stress of collecting past-due accounts:

    • Encourage customers to pay sooner by offering discounts for early payments. For example, offer a 2% discounts for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.
    • Keep an eye on the calendar for tax refund season. Most customers want to pay their bills and will pay if they have the money.
    • After 30 days of no payment, add a service charge. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
    • Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
    • Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
    • Play “good cop/bad c
      How to Find a Good Freelancer ?
      Whether you currently deal with a freelancer website, or are just looking for the best place to find a freelancer, the biggest problem you face is how to find a good reliable freelance, one that will do the job properly with good quality work and finish it on time. Many sites offer you, the webmaster, a place to post your projects to be bid on by freelancers. All of these sites let you contact o
      onths. Therefore your delay in collecting past-due accounts will reduce your chance of receiving payment. This checklist should help you reduce the stress of collecting past-due accounts:

      • Encourage customers to pay sooner by offering discounts for early payments. For example, offer a 2% discounts for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.
      • Keep an eye on the calendar for tax refund season. Most customers want to pay their bills and will pay if they have the money.
      • After 30 days of no payment, add a service charge. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
      • Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
      • Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
      • Play “good cop/bad
        Restaurant Decor Ideas: Serve Unusual Framed Art with the Meal of the Day!
        If you feel your restaurant decor is drab, spruce it up with unusual framed art. Every wall can tell a story from the past, reflect a certain theme, or create the dining atmosphere you want for your patrons. There are paintings and posters to reflect almost any theme. From African-American art to Latin art, and even Native art - there's something for every type of restaurant! Here are some great ways to en
        for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.
      • Keep an eye on the calendar for tax refund season. Most customers want to pay their bills and will pay if they have the money.
      • After 30 days of no payment, add a service charge. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
      • Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
      • Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
      • Play “good cop/bad
        Corporate Golf Gifts
        Golf gifts and golf gift ideas are now widely available. The golf item industry has grown impressively through the years, and it is now possible to get whatever golf gift idea you have in mind. Whether you want a set of specially designed golf balls, a set of amazing wacky golf clubs, or even a golf cart replica and miniatures, you will surely find it. You will be amazed at how resourceful the golf indust
        your attorney to ensure that you do not exceed your state’s usury statutes and federal law.
      • Make a personal visit to the customer to discuss past-due accounts. Remember, that you value the client-relationship.
      • Call your customer when personal visits are not possible. Appeal to your customer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
      • Play “good cop/bad
        Working Smarter Not Harder
        Growing up we where all told in order to make it in life that you must go out there and work hard for everything you want in life. The harder you work the more you will succeed. Is this really that true though anymore? Now a day people seem to work harder then ever before, and still come up empty handed.So is working harder really getting us to where we want to be at in life? More then likely the on
        usiness sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of bank because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.
      • Play “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your account. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.
      • Send a series of reminder letters. The first letter should include the following statements:
        • Acknowledge your goal of providing high-quality services and a concern that your valued client has allowed his/her account to lapse
        • You are aware of his/her delinquent account status
        • Contact you promptly or his/her credit status is in jeopardy (include your contact information)
        • The total amount due
        • Pay this amount to avoid sending the account to a collection attorney. Say, “we regret having to take this action, but must do so”
        • Thank you in advance for settling this matter

      • Your subsequent letters should include several choice boxes:
        • I am sending a check on _________.
        • This is part of the bill to show good faith.
        • Here’s the whole amount; now stop calling me.

      • File suit in small claims court. In Philadelphia, the maximum amount

  • HTTP = HTML link (for blogs, profiles,phorums):
    <a href="http://www.iadvice.info/article/3992/iadvice-Collections-Checklist-How-to-Collect-PastDue-Accounts.html">Collections Checklist: How to Collect Past-Due Accounts</a>

    BB link (for phorums):
    [url=http://www.iadvice.info/article/3992/iadvice-Collections-Checklist-How-to-Collect-PastDue-Accounts.html]Collections Checklist: How to Collect Past-Due Accounts[/url]

    Related Articles:

    5 Reasons Why You Should Establish an Offshore Company

    What is Plumbing Consulting?

    Market Research: Qualitative, Quantitative and Everything In Between

    Bookmark it: del.icio.us digg.com reddit.com netvouz.com google.com yahoo.com technorati.com furl.net bloglines.com socialdust.com ma.gnolia.com newsvine.com slashdot.org simpy.com shadows.com blinklist.com