10 Tips on Collecting Payments for Your Business

1. Call the client a few times to remind them that owe your company a large amount of money. You can leave one message each day to inform them that they need to pay you. They will eventually pay you.

2. You can send them letters in the mail to remind them about the past due balance owed. You can send out a few letters each week. They will eventually get tired of the same letters and will most likely pay your company.

3. Let them know that they can call you to make a payment over the telephone with a credit card or debit card. This is a great option. If you have a website then please give them the website address if you have a feature on there that will allow them to pay their account balance online.

4. As a last resort you can threaten to turn the account over to a bill collector agency. They will get tired of the bill collector harassing them constantly each week since most of them are quite rude on the phone. A bill collector tacks on more fees that they will end up having to pay.

5. A auto debit out of a checking account or auto billed to a credit card each month is a great way to get your payments each from customers. Customers love to have a feature of auto billed to a credit card usually. They don’t have to worry about the bill being late or anything. It is a win win situation usually for your company and also the customer each month.

6. Another last resort is that you can send them a letter from your attorney. A letter from an attorney will get a quick response usually. They will get nervous when they see a letter from your attorney.

7. You can always threaten to sue them for the amount of the money that they owe your company. If you threaten to sue them then you need to follow with it otherwise they won’t think you are serious. Most people don’t like being sued so they will probably end up paying you the money since they won’t want to get sued.

8. Try to get them to pay half of the amount one month and then pay the rest of the amount the following month. A little money received from a client is better than no money at all from them. They might be willing to pay you the full amount eventually even if it is little amounts each time.

9. You could ask them to pay as much as they can afford to pay and then pay what is left of the original amount on their next payday. Perhaps they are a little short on funds, but they might be willing to pay you the rest of the amount on payday.

10. If you end up having to sue them then make sure that the pay your attorney costs or even half of the costs. It might scare them enough to know that they need to pay their bills without being extremely late.