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Collections and Payments

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RaMa CHaitanya
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20 views

Collections and Payments

Uploaded by

RaMa CHaitanya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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How do you talk to a client about outstanding payments?

1. Professional - go straight to the point, don't waste time, and be firm when discussing
overdue payments.
2. Polite - remain calm, do not yell or accuse your client.
3. Persistent - continue reminding your client in a calm manner, and don't be pushy or
aggressive.

How do you call a client to collect payment?


Example – Hi [Customer Name], this is [Your Name] from [Your Company]. I'm
calling about your overdue invoice [invoice number] for [amount due] which was due
on [due date]. I wanted to check in with you to see if there was a reason the payment
has been delayed and if there's any way we can assist.

How do I message an outstanding payment?

Hi [name]. Your payment of [amount] for [service] is past due. Please review your
outstanding bill and submit payment: [link]. Thanks, [business name]

1. Develop a specific collection plan and stick to it. For instance:


o Call 7-10 days prior to the due date to ensure the products/services were
received timely, there are no disputes, and the customer plans to pay (and
when).
o Call within a week after payment is due to find out what is delaying the
payment, and to get a payment commitment from the customer.
o If the customer reneges on their payment promise, contact them again until
payment is received. If it’s not received within 90 days after the due date,
hand off the account to the professionals.
o If possible, and especially for larger past due balances, don’t rely on letters,
faxes or emails, which can be easily ignored or “lost” in transit. Make a
phone call.
o Very important: record any promises made by the customer, including the
date they were made and the date payment was promised. Saying to a
customer, “When we spoke on Monday, May 25th, you promised payment
by Friday, May 29th”, puts the debtor on the spot ” much more so than a
vague recollection of the conversation. If you can’t manage to stay with a
collection schedule in-house, consider outsourcing to a first-party
collections outsourcing firm.

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