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Three easy ways to up collections

January 9, 2012
  1. Photocopy new customer checks. In collections, time is crucial and, knowing the bank name, location and account number saves time.  The check also has a signature of someone in authority, often the owner. 
  2. Put on invoice and statement envelopes: “Address-correction requested. Forwarding and return postage guaran­teed.” This will tell you when mail is forwarded and the address to which it is being sent.
  3. Know the client company’s structure. Knowing who to go after payment saves weeks.  Your credit application should ask if the customer is a proprietorship, partnership or corporation and the state of incorporation.  If your company is forced to take legal action, the clock starts ticking only after the right person is served with papers and, with the state of incorporation information, management knows the state where it may have to sue.
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