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.

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