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Chasing Slow Payers? 7 Bulletproof Ways to Get Paid Faster

Many small business owners deal with the frustrating but inevitable challenge of doing business with customers who won’t pay. As disheartening as it can be, it is sometimes a disappointing reality of doing business.

Fortunately, there are professional firms like Boston Commercial Services that specialise in debt recovery service and can help owners get back the money they are owed. However, there are also several things you can do to try and collect debts before engaging a professional firm.

In this article, we will outline seven bulletproof ways that you can get paid faster and keep your business running smoothly. Read these tips to learn how you can take charge of your outstanding customer debt today.

Clarify Your Payment Terms Upfront

Try to avoid the situation entirely before you’re stuck in the unfortunate predicament of a non-paying customer. Make sure your payment terms and conditions are clearly outlined at the time that payment is required. While this isn’t a foolproof way of ensuring that customers pay, it can encourage them to stick to your timeline.

Send Firm (but professional) Notices

Life gets busy, and people make honest mistakes. Before you threaten legal action or engage a debt collection agency, make your best attempt to reach out to your client via different communication mediums (phone, email and mail). Your customer may be going through an internal staff change or be in the middle of their busy season. Especially if they have been a long-time customer, give them the benefit of the doubt until you need to take more severe action.

Put a Hold On Service

Especially at larger companies, the people using your product or service may not be the same people who pay the invoices. If you have not received a response to your requests for payment, stop providing services. Your customer may reach out to you, and you can kindly let them know about the discrepancy with their accounting department.

Look into Arbitration

If the dispute continues to escalate, you may consider taking your client to arbitration. In this process, each party will present their argument to a neutral third party (known as the arbitrator). The arbitrator will then decide on how to proceed and what each party is responsible for.

Send a Letter of Demand

Letter of demand are official documents that list out all of the previous action you have taken to recover your money, as well as what you plan to do if it is not recovered. Letters of demand are intended to be taken seriously by your client.

Hire a Professional Debt Collection Agency

If you have pursued these steps and you still haven’t recovered your debt, it’s time to engage a collection agency Melbourne. These firms have professional collectors who have extensive experience working with small business owners to secure the money that is owed to them.

Pursue Legal Action, if Necessary

Work with your debt collection agency to determine if you should pursue legal action against your non-paying client. Your firm can advise on whether going to court is worth the time and expense of recovering certain debts.

At Boston Commercial Services, we take our commitment to your business seriously. Because we act on your behalf, we adhere to strict compliance auditing, maintain proper certification and enforce high standards for our staff.

 

Read Also:
What Are the Biggest Struggles for Small Business Owners?
A Professional Approach to Debt Collection
Practical Debt Recovery Tips
Cash flow management: 5 tips to get your money back

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realclicks 6:57 am
  • I have worked closely with Boston Commercial Services for over twenty years across four different companies and would not work with anyone else in regards to helping me with my outstanding accounts. Whenever I have started a new role, the first thing I am asked is, “How would you go about cleaning up our accounts receivable ledger?” My answer is always the same – “The first thing we need to do is call Boston Commercial Services”.

    Voytek Bradford

    Freedom Foods Group Limited (National Credit Manager)

  • I have known the principal of the BOSTON Group (Derryn HARRISON) as well as key staff members (including Ben GOWER) for well over 2 decades and have been using their professional services for myself as well as for Powerhouse Logistics Pty. Ltd. on a regular basis, not only in Sydney but on a national basis.

    At all times BOSTON have been extremely pro-active, attentive, courteous and professional with all matters we threw at them. Their advice has always been extremely sound and commercial and I find them to be a "breath of fresh air" within the legal fraternity and have no hesitation whatsoever to highly recommend them.

    Peter Brueckner

    Powerhouse Logistics Pty Ltd (CEO)

  • Expect A Star has worked with The Boston Group for 10 years. In this time we have appreciated the ongoing support of Boston for all of our collection and legal requirements. Like most businesses cashflow is critical to ongoing success and growth, with Boston we have found a partner who are an extension of our business and play a key part in our cashflow management. The Boston Group bring a level of expertise to our business which is valuable and coupled with their excellent customer service we look forward to continuing to work with them for many years to come.

    Ryan Meldrum

    Former CEO

  • I have been using the services of The Boston Group and their legal entity for over 11 years. During this time I have found their service to be impeccable, delivered with the utmost professionalism and integrity. The vast majority of cases that I have placed with Boston were far from straightforward, requiring legal acumen and delicate handling. Having used all methods available without success to procure payment, I confidently placed these matters into their safe hands. In all instances a successful outcome was achieved.

    Mark Parish

    Credit Manager

  • SNP Security has had the pleasure of working with Boston Commercial Services for the past 11 years. Boston has played an integral part in the continuing success of SNP Security’s low DSO’s, 90 Day % Debt & of course Bad Debts Written Off.

    Amanda Griffiths

    National Administration Manager

Boston Commercial Services prides itself in offering specialised, professional services, through a highly experienced team of debt collector, with personalised client attention.