WSJ: Better Collection Policies Are Past Due For Many
Sunday, November 23rd, 2008There’s a good overview in the Wall Street Journal today on collecting overdue payments in tough times. As the economy hits more people harder and harder, it’s becoming increasingly difficult to get paid for your work. In good times, it’s usually not difficult to get paid, but these days it’s much tougher.
The article suggests a few strategies I’ve pointed out in the past, starting with setting a policy before you begin working with a client:
This policy may include when payments are due — preferably, no more than 30 days after a service or good is provided — and how overdue bills will be handled.
Within a couple days of an invoice going overdue, you should begin the process of contacting the delinquent client and working out when payment will be received. Starting with phone calls that ask for an ETA on payment, then following up with written notices in the mail (using “the big red-white-and-blue Priority Mail envelopes from the Postal Service … since they relay urgency and garner more attention than a regular plain white envelope”).
If a client still isn’t paying their bills, then the next step is to consider using a collections agency.
The Wall Street Journal: Better Collection Policies Are Past Due For Many
I’m thrilled to announce that Invotrak is now available on your iPhone! You can track your invoices, timesheets, and clients on the go using the new Invotrak app – and it’s free! Just like with Invotrak, it’s very easy to get started: you can either navigate to the App Store and download it there, or 