Chasing down a debtor who is long overdue in settling a past-due invoice is a time-consuming and frustrating aspect of running a small or medium-size business. But what many business owners may not realize is that the procedures they put in place before they even conduct a credit transaction can make it easier to settle a past-due account down the road.
"By obtaining the proper information upfront–before any credit terms are agreed to–business owners can avoid unnecessary effort and expense later, especially if the customer is unwilling to pay or is trying to avoid attempts to be contacted," says Ryon Gambill, a collections professional and CEO of Marauder Corp., the company that designed Bill Collector In A Box to help entrepreneurs and business owners collect past-due invoices.
To reduce the need for collections measures, Gambill advises entrepreneurs and business owners to implement the following policies into their invoicing and billing procedures:
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