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How to Get Paid Faster Methods for streamlining your company's collection practices
By Gwen Moran •
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Any time you're not collecting your money on the spot when goods or services are rendered, you're extending credit--and risking that your money will never land in your bank account. Collection expert Melissa Nash Andrews, author of How to Get Paid On-Time, Every Time, offers these tips for getting what you're owed.
DO
- Set a credit limit and a time limit.
- State your policies about credit and payment upfront.
- Have a system for issuing and following up on invoices to ensure that your billing goes out promptly.
- Make a receipt-of-invoice call a week or two after the invoice is sent to ensure that it has been received and that it's in the system for payment according to your terms.
- Keep emotion out of it. It can be infuriating when a client doesn't pay, but anger won't get the bill paid faster.
- Consult your attorney or a reputable collection agency if you can't collect your money on your own.
