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
Michell e 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.
Ebooks, Scripts,
Websites, and more... Credit Counseling and bankruptcy are both ways to relieve the... Read More I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More Do you know why you should check your credit report?Of... Read More Debt negotiation on credit cards is often referred to as... Read More Getting worried that one of your clients, customers or patients... Read More You got creditors calling you everyday. You could lose the... Read More If you have considered credit counseling as an option to... Read More Are you thinking of buying a house? Do you want... Read More A "rate tart" is someone who switches from one zero... Read More Consumers today are up to their eyeballs in debt. And... Read More Ah, the "good old days". If you are a baby... Read More Do you have enormous credit card debt? You are certainly... Read More Credit cards represent an important part of our financial lives.... Read More "Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More There are three main credit bureaus in the United States;... Read More There is a big difference between looking after your own... Read More Always shop around to get the best deal when choosing... Read More Because most of us have one or two credit cards... Read More The Credit Report is like your scorecard in the lending... Read More In addition to the APR (annual percentage rate) and the... Read More It is the scourge of our age: identity theft. Thieves... Read More We have all heard countless stories of people over their... Read More Imagine opening your credit card statement one morning and discovering... Read More A consumer credit report is a factual record of an... Read More Credit and charge card fraud costs cardholders and issuers hundreds... Read More
Cheap Domain Names
Bankruptcy vs. Credit Counseling: What Should I Do?
SuperCharged Secret 1 of 5 - Credit Card Utopia
Do you Know the Benefits of Checking your Credit Report?
What You Need to Know about Debt Negotiation on Credit Cards
Collection Agency Secrets for Collecting on Bad Debt
Grants, Loans, Free Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth
Choosing a Credit Counseling Company
Ten Steps To Building A Good Credit History
Rate Tarts Losing Ability to Cherry Pick
How A Prepaid Debit Card Can Help You Rebuild Your Credit
Debit Card vs. Credit Card, What Are The Differences ?
5 Surefire Ways To Eliminate Credit Card Debt
Choosing The Credit Card That Is Right For You
Credit Counseling -- Why It Doesnt Work For Most Debtors
Which Credit Bureau Should I Use To Check My Credit Report?
Getting Married? What Are The Finance and Credit Implications?
Choosing The Best Credit Card To Apply For
Understanding Credit Card Penalties
Credit Reports Inside and Out
Making Sense of Credit Card Fees
7 Ways To Squash Identity Theft
How a Credit Card Can Be Your Friend
10 Tips To Prevent Credit Card Fraud
Consumer Credit Reports
Useful Tips On Avoiding Credit and Charge Card Fraud
Credit card debt is a major social problem in some... Read More
What FACTA means is that if you, as an individual,... Read More
Identity theft is when someone uses, without permission, your personal... Read More
They arrive in your mail - a conspicuous looking mail... Read More
Ever wondered what is a credit report? If you've ever... Read More
What you might not know about credit.Some people don't know... Read More
Identity theft is the fastest growing crime in America, according... Read More
In this week's article, I am going to offer some... Read More
Are you one of the thousands pulling your hair out... Read More
Chances are you've gotten your share of offers like this... Read More
Credit counseling companies come in all shapes and sizes. Whether... Read More
Credit Cards can bankrupt you if you let them run... Read More
We have all heard countless stories of people over their... Read More
Reach into your wallet or purse, pull out a card,... Read More
A "rate tart" is someone who switches from one zero... Read More
The moment I placed myself in front of the computer... Read More
There are a lot of questions about using credit cards.... Read More
If you intend to apply for a loan, you need... Read More
If you are married, establish separate credit accounts.Try to finance... Read More
There are three main credit bureaus in the United States;... Read More
Make Money from StoozingStoozing, this is a sophisticated method of... Read More
Credit Score FactorsThe information contained on our credit reports affect... Read More
When I received my first credit card in the mail... Read More
#1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More
Americans are more concerned about identity theft than unemployment or... Read More
Credit |