How to Handle Late Payments

Tips for getting your money from slow- or no-pays

Apr 25, 2003

A good first step is to call and ask when the check was mailed.If it hasn't been sent, ask when the invoice is scheduled forpayment. Your goal is to get a commitment to pay. If the customerwon't agree to pay by a given date, find out why. Once you geta reason, end the call.

If you can't get a straight answer, consider your cash-flowneeds and options. How important is this account to you? Should youwrite off the loss this time and insist all future purchases bec.o.d.? Should you send a personal letter? Your relationship withthe client will guide you.

If all else fails, turn the matter over to an attorney or acollection agency.

Excerpted fromGet Smart: 365 Tips To Boost YourEntrepreneurial IQ

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