Looking to Collect More? Check Out These Tips!

Looking to Collect More? Check Out These Tips!

No matter your industry, it’s important to get paid. You can use these tips to collect more money and stay on top of your accounts receivable!

Take a Professional Approach

It’s important to maintain the client-provider relationship in order to keep a good reputation. However, if you have a delinquent account, it’s also important that you are able to collect. This means that you have to remove some of the humanity out of the process. You must engage in a professional mindset that enables you to demand payment.

If you have a hard time laying down the law on past due accounts, you should get help from a professional collections agency. Clients ARM has more than 30 years of experience in collections and accounts receivable management. We have a 99% collections rate. This is because we focus our efforts on the right blend of professionalism, perseverance, and customer service. Give us a call to find out how we can save you money and help you with your collections needs.

Use a Comprehensive Set of Credit Controls

One of the best ways to deal with delinquent accounts is to prevent them from the very beginning. You can do this by writing and implementing a comprehensive set of credit controls. You can learn more about how to set up proper credit controls by reading our guide. Need help? Let us know! We specialize in setting credit limits.

Get Signed Agreements

Don’t ever just rely on someone’s word to pay you. Oral contracts are all well and good, but even in states where they are legal, they can be hard to enforce. After all, it’s just your word against their word. That’s why it is so important to get signed agreements for your services in exchange for payment. Check your state statutes that regulate your industry and find out if you can legally use e-signatures. E-signature software such as Docusign and SigningHub can make signed agreements easier for everyone!

Give Clients a Copy of Your Terms

It’s important that your clients understand your billing process and when their payments are due. Are payments due upon receipt of the bill? Are payments due in 30 days? Is there a late fee if payment isn’t received on time? Do you charge interest? Making sure that your clients understand their bill and when their payment is due is one of the easiest things that you can do to ensure that clients pay you on time. Make sure that your clients sign this form and keep a copy of it in their file.

Also, as a small side note – if you charge late fees or interest, make sure that you are allowed to do that in your jurisdiction. Some jurisdictions cap interest and late fees. Always make sure that you understand the law as it applies to your business or speak with a qualified business attorney to learn what you can and cannot do.

Know When to Partner With a Collections Agency

It can be really hard for businesses to collect on an account that is past due by 90 days. It’s even harder after 180 days. So, have guidelines in place on when you will turn over your delinquent accounts to a professional collections agency. Then, you can focus on your business while we focus on recovering the money that is owed to you.

Clients ARM provides both first and third party collections. We have a 99% rate of collections, and we make it easy on our clients to use our services. To learn more about how you can easily send us your list of delinquent accounts, just click here.

It’s your money. It’s important that you receive what’s owed to you. Don’t delay – talk to Clients ARM today!