Here are five simple ways to improve collections while boosting profits and reducing hassles. State a payment deadline at the time of the sale or when you take the order. Customers are usually quite happy to comply if they see your clearly stated payment policy right from the beginning. Send a second notice. Many businesses now pay 90 to 120 days after the purchase.
Slow pay is standard procedure in many competitive industries.
Send a reminder notice to speed things up. Email is often the fastest, easiest way to touch base with a slow-pay customer. Make a quick phone call. Then wait for an answer. Don't say anything.