Receivable Recovery Service LLC

Three of us traveling to Miami for client visit today. Looking forward to warm weather.

Tip - Use a collection agency. Don't just write-off your unpaid receivables. Use a reputable collection agency to pursue past due balances

Tip - Finance your receivables if necessary. Factoring receivables can be the right strategy for certain types of businesses and customers.

Tip - Offer Discounts for Prompt Payment. Incentives can be powerful motivators and create a win-win scenario.

Tip - Keep track of your collection efforts. Document all your calls and responses from customers on unpaid receivables.

Tip - Call Past Due Customers. Don't be afraid to pick up the phone and ask for a status on your invoice. Calling > emails

Tip - Review Past Due Balances Regularly. Stay on top of slow paying customers to ensure you are not ignored.

Tip - Perform Credit Checks. Don't extend terms for payment without assessing the customer's ability to pay.

Tip - Offer EFT and Other Electronic Payment Options. Allows you to receive funds quicker and with less administrative costs.

Tip - Shorten payment terms. Instead of 30 day terms change to "due upon receipt".

Tip - Email invoices to avoid mailing delays. Just be sure to confirm the correct email address.

The next 10 days we will share some simple, yet effective, accounts receivable best practices.