Is it worth it for me to try and Collect from my Past Due Customers?

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Sep 4

September 4, 2006

Know More: Creating a Credit Policy, FAQs, I have past due customers, what do I do?, MIlitary Collections, Rent Collections, What makes a Good Collector?

Question: Is it worth it for a small business to attempt to go after the money due to them?

Answer: It depends on the amount of the bill and what information you already have on the customer. Such as contact information so you can get a hold of them or even take them to small claims court. Depending on the dollar amount and the age of the debt.

TIP: Be firm about being paid from the beginning. If a customer knows you are serious, they will be more likely to pay. If they had to fill out a credit application and/or contract, it shows you're serious. If you place accounts for collection sooner than later, that also shows you mean business.

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Credit Policy for businesses and how to extend credit and manage credit risk