We’ve written quite a bulk of articles that cover the issue of how to handle your collections. In this fourth part of our five-part series on B2B collections we’re going to review some of the highlights from past articles that have discussed how to perform collections tasks as well as pursue other options to help with collections issues.
In Five-Step Process To Dealing With Non-Paying Clients we recognized that performing collections is an often unenviable task that comes with certain frustrations. We therefore offered some very basic pointers on how to deal with non-paying clients:
- Communicate with your client; be professional, courteous, and never be insistent or harassing.
- Make phone calls and send letters and emails. To help you, review the following articles we recently wrote: The Initial B2B Debt Collection Letter and How To Make Business To Business (B2B) Collection Calls
- When necessary, have an attorney send correspondence. This will demonstrate you take the matter seriously.
- When all else fails, you can file a lawsuit to enforce a judgment for collection of the debt owed to you.
In the article When To Hire A Lawyer Or Collection Agency To Collect Debt we discussed how to determine when to hire a collection agency. And in the recent article B2B Collections: Finding A Good Collection Agency we offered tips on what to look for in an agency (not all of them have your best interests in mind).
When collections are taking up more of your time than actually running your business, we offered insight in the article titled Obtain Capital And Eliminate Collections Woes By Factoring Your Receivables. There we explained that factoring is a tool which can help accelerate your cash flow, whereby a factoring company buys your invoices (accounts receivables) for a lump sum, and at a discounted rate. You then have immediate cash, and the factoring company now takes on the task of collecting from the clients who owed you on your invoices. You can also find additional tips in the recent article Pros And Cons Of Invoice Factoring.
The Jayaram Law Group routinely and successfully assists its clients in their business-to-business (b2b) collection needs. We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.
If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.