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WARNING
SIGNS THAT AN OVERDUE ACCOUNT IS NOT GOING TO PAY
by – Curtis Lester
1. Disconnected
phone or changed to “Unlisted”
2. Broken
promises…“The check’s in the mail”
3. You constantly get
voice mail, answering service or machine
4. Not available to take
your calls…“In a meeting”
5. Your certified mail
returned “Unclaimed”
6. Net 10 or Net 30 Terms
and account is 45-60 days Past Due
7. Partial payments
getting smaller
8. Missed payments or
request for smaller payments
9. Bad Check (NSF) not
made good within 3 days – after their bank has
notified them of their
returned check.
10. Misses 2 or more payments on revolving
account
11. Claim “Service wasn’t performed
correctly”…Debt Disputed
Many businesses unknowingly set a trend with some new and old customers to become a possible problem in the future. Overlooking smaller balance accounts to focus on the larger balances does this. If you are doing this, you are skimming your own accounts and allowing a negative payment pattern to develop, thus inviting these once smaller accounts to make bigger purchases with the intent of keeping the same terms as before . . . their terms instead of yours.
Every account should be worked systematically and be billed on time of the amount due.
Curtis Lester is a Profit Recovery Specialist with Transworld Systems Inc., and is available to answer questions regarding billing and collections. You can reach him at 866-631-2874 or via email at Curtis@whichtruth.com. He has MORE tips on how to increase cash flow! Curtis will also be happy to offer an Accounts Receivable Analysis for you at no charge.
