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.