1. Have a clear and concise invoicing process. Your invoices should be easy to understand and should include all of the necessary information, such as the amount due, the due date, and your contact information.
  2. Follow up promptly. If an invoice is not paid on time, follow up with the customer immediately. The sooner you follow up, the more likely you are to collect the debt.
  3. Be professional and polite. Even when you are dealing with a difficult customer, it is important to be professional and polite. Remember, you want to maintain a good relationship with your customers, even if they are not paying their bills.
  4. Be persistent. Don’t give up if a customer doesn’t pay their bill right away. Keep following up until you have collected the debt.
  5. Consider hiring a collection agency. If you have tried everything else and you are still not able to collect a debt, you may want to consider hiring a collection agency. Collection agencies can be effective in collecting unpaid debts, but they can also be expensive.

Here are some additional tips for small businesses that are trying to collect unpaid debts:

  • Keep good records. It is important to keep good records of all of your interactions with the debtor, including phone calls, letters, and emails. This will help you if you need to take legal action.
  • Be patient. It may take some time to collect a debt. Don’t get discouraged if you don’t see results right away.
  • Be prepared to negotiate. In some cases, you may be able to settle the debt for less than the full amount.

Collecting unpaid debts can be a challenge for small businesses. However, by following these tips, you can increase your chances of recovering the money that you are owed.

New World Collections has over 25 years of experience helping small businesses recover past-due debts. Contact us today and let us take the hassle out of dealing with your slow-pay accounts