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5 Debt Collection Strategies

The most complicated task is to get the money from the insolvents and if that’s done successfully, there’s hardly any chance of bearing loss in the business. The presentation share five major strategies of collecting debts.

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5 Debt Collection Strategies

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  1. Five Debt Collection Strategies

  2. Here are 5 Debt Collection Strategies:  Legal Actions  First Demand Notice  Second Demand Notice  Send monthly statements  Polite reminder phone calls

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. Contact US Level 5, 68 Alfred Street, Milsons Point, NSW Australia sales@thebostongroup.com.au 02 8920 8886 www.bostoncommercialservices.com.au

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