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How to Collect Money Owed

How to Collect Money Owed Photo


Making gilt-edged sales can be difficult, but for many companies, the dilemma doesn’t end there. Selling to other corporations and businesses on an open account means the sale won’t be counted unless it will be fully paid. To make things worse, small companies don’t have too much resources to contemplate on collections. The longer it takes for the money to be fully paid, the more it costs your company.

This problem has been going on and on and it seems that there is no justification. Because if there is, then how come many companies are still experiencing this agonizing problem? Yes, there is a solution. And the reason why companies can’t fix this problem is because they don’t know how to. The solution is right under the nose, they just lack in analyzing it.

Tips To Easily Collect The Money Owed

Lend carefully

Indeed it is a wonderful feeling to know that a company or a person would ask if you could lend him some dollars. It gives you that feeling that your company has already grown to the point that you can loan money to others. However, this feeling can cause a dilemma in the future, especially if you’re being careless.

Keep in mind that there are certain considerations before you lend finances to someone. Can he pay it back or is he broke? How long can he pay it? Can the time-span be justified? Knowing the answers to these questions will give you an idea if it’s ought to lend him or not.

Site some fair terms

If you’re lending to other companies, it’s not only you as a person, but you as a head of a company. This time, it’s not as easy as “Hey, can I borrow a couple of dollars? I’ll just return it it a week or two.” “Sure thing. Here you go, buddy. A week or two that is huh, don’t forget.”, You have to be more professional and should set some terms that would be fair for both parties.

Aside from making the decision by yourself, you can also consult your trusted co-workers and other “big people” in the company. Two heads are always better than one.

Don’t forget to follow up

It may be annoying for others, but a monthly follow up is quite essential. Even before you hand in the money, you should see to it that this is clear to the other party. A monthly follow up will give the borrower a sign that you’re truly doing plain business and running away from you may not be a good option.

Likable offers

Isn’t it good to inspire your borrowers to pay on time or better yet in advance? Through offering incentives you won’t have a hard time collecting the money owed. This is just a tricky tactic to make the borrower pay right ahead. Incentives like 2-3% discount for early payment is fair enough. Just be sure that negotiations from the borrower won’t be able to goof in and overpower you.