Tricks of the Trade

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Jul17

Tricks of the Trade

Know More: Bad Checks, Creating a Credit Policy, Credit Applications, Credit Reporting, Debt Collection Letters, I have past due customers, what do I do?, Rent Collections, Small Claims Court, Using Collection Agenices, What makes a Good Collector?

There are some tricks of the trade you can use when running your business to help you if you ever become a victim of bad debt or a slow or non-paying customer.

Put your credit terms or payment terms in WRITING, always have your credit terms on your invoices and statements.
Once you send an invoice to a customer, keep a close eye on your accounts receivables. You can print a penalty on your invoices such as charging a 1-2% penalty on invoices over 30 days past due.
Routinely record bank account data about a client, patient, or customer as payments are received. This way if you have to place the account for collection with an outside collection agency, or take them to small claims court, you will have the bank information which can help you satisfy a judgement.

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