Are Your Clients Not Paying You in The Agreed Payment Cycle?by Alan M. Cohen LLC Debt Collection Lawyer in Boston
As a company, you may often be challenged with what to do when your clients do not pay within the terms. There may be some defaulters who do not pay according to payment terms. Under such circumstances, you will need a debt collection attorney to help you in collecting unpaid invoices. But at the same time, you should make some changes to improve receivables and cash flow and get your customers and clients pay within terms.
Change your terms and conditions without really changing them
One thing you can think of is to change the payment time to shorter period. For example, if the standard time for making the payment is 30 days, you can reduce the time to 15 days. In case the client fails to make the payment, you should suggest a grace period of 10 days. These tactics will work as it will help you in bringing the payment in less than 30 days.
Do business only with customers who can pay in your payment cycle
The debt collection attorneys always ask their clients to deal with good customers. Here, great customers mean those customers who are willing to pay within your payment cycle. In the business world, not all customers pay within your terms. You will have customers who will pay as their payment cycles or according to their terms and conditions. If you are unable to go with their paying terms, you may have no choice but to move on.
What should you consider if a customer has no paying intention?
Chasing a bad debt is not a fruitful use of time. You should take legal help as soon as possible. The sooner you take, the better. Let a legal expert pursue your money while you move on your core business work.
Have a sound debt collection policy in place
You should have a robust debt collection policy in place to make sure the collection takes place in a hassle-free way. With a clearly stated policy, your team will spend less time in chasing payments and concentrate on the work procedures.
Hope you found the above information useful. Businesses that have already experienced the stress of collecting debt hire legal services for collecting the debt. They know that hiring an expert with good experience in debt collection and other legal areas including judgement creditor will help them a lot. You should think over this. It will really help.
Created on Feb 6th 2018 05:54. Viewed 331 times.