Tody we will discuss some simple tips to improve Debt Collection in-office.
1. Create Contracts
Oftentimes, businesses will not create Contracts and fail to implement Contracts until its too late. These Contracts do not need to be Apple style Contracts with 15 Pages and Terms coming out your ears. Taylor Ryan advises creating something simple as having something in writing, signed by both parties agreeing to the scope of works that are to be completed can help massively down the line if there are issues regarding payment.
2. Create Clear Payment Terms on Invoices
Make sure you outline how many days you expect to be paid by, whether that be 7, 14 or 28 days. Place this on your Invoice.
3. Create Automatic Follow Ups if not paid
Make sure that when that Day 7, 14 or 28 hits, you are contacting the client via Email and Phone Call.
4. Issue Letters of Demand
If payment is not forthcoming, issue Letters of Demand advising if payment is not made or an offer put forward to settle the debt, further action will be taken in terms of legal action or engaging Debt Recovery assistance.
5. Engage Professional Help
If you have exercised all options, it may be time to call in the experts. Feel free to give us a call to discuss what your options may be.