The
most important element of any business is getting paid. Here are some tips to
help ensure that you receive proper compensation for every product or service
rendered.
by
Isabel Isidro
Managing Editor
If you are not paid or
do not get paid promptly for your products or services, you cannot
expect your business to last very long.Here is how to minimize losses and overdue accounts:
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For
new account, attempt to get credit references or prepayment,
possibly by offering a discount or free shipping
If
you wish to take a chance, limit the amount of the credit on
the first few orders.
If
payment is late follow a normal collection procedure. Send a
reminder letter after thirty days and follow-up with courteous
phone calls two weeks apart. Pin down a commitment: When will
the check arrive and for how much? If promises are continually made and not kept, turn the
account over to a collection agency.
If
you are dealing with credit card phone orders, call for
verification of account number, expiration date, and credit
balances.Make
sure the name of the person ordering is the same as the
ship-to-name and the merchandise is addressed to a street
address, and not a box number.
