It has often been said in economic circles that a rising tide lifts all boats. The same could be said of a falling tide (in this case, a severe recession in the absence of easy credit), which can maroon even the most ship-shape of operations, since businesses are more interdependent than they may realize in good times.
Most businesses are finding it increasingly difficult to collect overdue balances from their customers, which causes otherwise balanced books to dip into the red.
No method of account collections is fail safe and using the services of a collection agency should be the last option, but a variety of strategic moves can improve the chances of keeping the wind in your sails:
If you’re still struggling to get paid using those methods, the next Free Enterprise entry provides some tips on how to get tough.
- Credit Terms and Collections: Two Approaches (FindLaw)
- Invoicing Customers and Extending Credit (FindLaw)
- Plain English Guide to Collecting Debts (Business.gov)
- Obligations of the Fair Debt Collection Practices Act (provided by Chang & Diamond, APC)
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