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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
  • Our Attorneys
  • About Us
    • Our Approach
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Q&A
Q&A

How do I start the collection process?

Posted on October 29, 2012 by Bob Bernstein

Creditors’ Rights 44

Q: I have sent several bills to a customer and have not heard anything back.  The customer’s late fees are adding up and I’m becoming concerned that I am not going to get paid.  How do I start the collection process?

A: Collecting is not the same as billing.  Consider the Three P’s of Collecting.  It’s part Policy, part Psychology and part Persistence.  Collecting is more art than science.  A company should act quickly after the due date and increase the collection efforts during the first 90 days after the due date.  Add that to the typical 30-day grace period and the window is a mere 120 days – four short months from invoice.  After that, consider placing the delinquent accounts with a collection professional.

*Learn more about credit policies and the Payment Gap with Bob Bernstein’s new book, Get P.A.I.D.TM A Guide to Getting Paid Faster (and What to Do if You Don’t!) at www.getpaidsystem.com

 

 

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