How do you handle receiveables?

[XTREME1]

I never realy deal with this issue, but my wife pointed out a number of people who owed me money and I added it up and it was like $9500 so I started calling around asking for my money, I felt bad because some I have done business with for years. No one had a problem with the call and I was worried I would get unhappy people about my service and none of that was the case either people chose not to pay until called or forgot or missed it. What do you do with receivables?

 

[Shane T]

If its not paid in 30 days they get a Statement indicating current history and if it goes another 15 or 30 days without payment I call to check in with them. It's almost always a case of it got miss place and forgotten.

 

[danpauselius]

EXACTLY how do you word your late fees on your bills. I too have a receivables issue. Unfortunately, it's well over 3 times your amount. I'd like to start putting a late fee notice right on the invoices.

 

[cmaster]

Payment due upon receipt
Over 30 day balance is subject to
2.5% monthly service charge.
We accept Visa and Mastercard

That's how we stamp our a/r invoices.

 

[Out of Character - 0]

We regenerate the late invoice with their 10% late fee added. If their very late (I have different tolerances for different customers) they also get a red 10 day sticker naming the collection service they may be dealing with if not resolved.