Get Paid Better

Greatly Reduce your 91+ days with smart credit and collection procedures

1. Identify Bad Credit Risks. Why do business with customers who will not pay you. Our Intelliscore and BPR reports can help you to identify these accounts.



2. Collection Procedures

   The following procedures are very simple and will greatly reduce the outstanding dollars in the 60 and 90+ day columns. If you adhere strictly to this system and use your best efforts, it will increase cash flow and get customers into an acceptable rhythm of payment to your company. Some customers simply do not pay until you prompt them. If you get on a consistent schedule of calling and faxing, you will persuade them into a better payment pattern with your company. I have seen this work over a six month period of time and reduce one company's over 90+ from 12% down to only 3%.

   • At 45 or 60 days, fax the invoice copy to Accounts Payable with a cover letter requesting payment.
   • We cannot stress this enough. Send a reconciliation on those accounts that need it. Sometimes customers do not pay and do not call because they expect you to know that they are confused or need you to justify the invoice with past credits and/or payments.
   • One week later, call Accounts Payable to be sure the fax was received. At the same time, get a contact name and update your info for new contact, phone, fax, or email.
   • Begin calling weekly to follow up.
   • Keep notes as to call results for future documentation.
   • Continue calling until payment is received.
   • If no one is responding or results are not forthcoming, consider discontinuation of service.
   • Remind the customer that you report credit information to Experian and that slow payment behavior will adversely affect their credit report and future credit score for loans, leases, and other vendors.
   • Exhaust all efforts to collect. Once you are sure they will not pay, send the information to a collection agency that reports their placements to Experian. Agencies who report to Experian will increase the chance of getting the item paid. It is leverage needed to encourage customers to pay.



3. Account Management Tools