Checklist: What If You Can't Collect on Payments Due?

Here are some effective ways to get paid by delinquent customers:

-- Maintain an accurate accounts receivable aging report.

-- Call as soon as a customer is late with a payment.

-- Don´t give your delinquent customers an excuse for not paying.

-- Send a letter clearly stating the consequences of further delays in payment.

-- Consider hiring a collection agency.

-- Use lawyers as a last resort.

-- Hire a "skip tracer."

-- Get acquainted with your clients´ payment procedures.

-- If one of your debtors files for bankruptcy, consult a lawyer immediately and suspend all collection efforts.