Five Debt Collection Strategies
Here are 5 Debt Collection Strategies:
Legal Actions First Demand Notice Second Demand Notice Send monthly statements Polite reminder phone calls
First Demand Notice
If in case the customer does not respond to the reminder calls repetitively, a former demand letter will be sent through email or fax. A follow up card will also be made to schedule the payment of the due amount.
Second Demand Notice
If the customer fails to pay the due amount on the first demand notice within 14 days, second demand notice needs to be sent.
Send Monthly Statements
It’s important to send the monthly account statements on the first of every month to the customers. The account statements shall be professional and properly worded.
Polite Reminder Phone Calls
Remind the customer by giving him a phone call to make sure that the invoice is approved and schedule the payment date for the same. The phone call is to be made on the day of due payment as well.
Legal Action
If everything fails, and the customer does not foot the due amount, do not give up. Ask your legal professionals further for strict debt collection strategies.
Contact US Level 5, 68 Alfred Street, Milsons Point, NSW Australia
sales@thebostongroup.com.au
02 8920 8886
www.bostoncommercialservices.com.au