7] Keep Accurate And Timely Payment Records

Once a new consumer customer is accepted on credit, it is vitally important to maintain accurate and timely records on their payment history. If you see any deviation from past payment patterns, and especially if payments become unusually slow, immediate follow-up is warranted. This not only gives you an early alert to impending payment problems, it also gives you chance for early intervention if there is an outside influence.

8] Follow Collection Laws in Your State

In many states, businesses are governed by same collection laws as are collection agencies. For example, calling customers at an odd hour or disclosing to a third party that they owe you money are just a couple of numerous collection practices that can cause serious repercussions. If you're not sure, call your state's department of finance which governs and monitors collection agencies. Click Here for a summary of Fair Debt Collection Practices Act.

9] Use a Third Party Sooner

If you've systematically pursued your delinquent consumer accounts for 60 to 90 days from due date, (and they still haven't paid) you're being delivered a message by your client. More than likely, you've requested payment four to six times in form of phone calls, letters and statements. Statistics show that after 90 days, effect of in-house collection efforts wears off 80%". That means that time and financial resources budgeted for consumer collection efforts should be focused within first 90 days where bulk of your consumer accounts can and should be collected. From that point on, a third party can motivate a consumer customer to pay in ways you cannot, simply because demand for payment is coming from someone other than you. Before paying a percentage to a consumer collection agency, or using small claims court or an attorney, check into using a fixed flat fee collection service.

10] Admit And Correct Any Mistakes On Your Part

Sometimes your consumer customers do not pay because they feel you have made a mistake. Unfortunately, many consumer customers believe that "the owner/president doesn't need money". Denying an obvious error only fans fire of resentment your customer may already feel. If basis of non-payment is a dispute over quality of your product or service, a mutually agreeable settlement between you and customer should be arrived at promptly. The consumer customer may use a minor dispute to withhold substantial payment. Insist that undisputed portion get paid immediately, indicating balance will be negotiated. This will not only help to collect payment payment, it shows consumer customer that you are listening to his or her concerns.

11] Remember that Nobody Collects Every Account

Even by setting up and adhering to a specific consumer collection plan, there are a few consumer accounts that will never be collected. By identifying these accounts early, you will save yourself and your company a great deal of time and money. Even though a few may slip by, you'll find that overall number of slow pay and nonpaying consumer accounts will greatly diminish, and that's a victory in itself!

Courtesy of http://www.collectionagencyservices.net

In Islam this crime is punishable by death. We infidels look up to bankers as being cream of society.

We in West are so rich that we can easily borrow money to service our debts. We just accept more credit as a loan. It is rare for our poor to starve to death. They become slave labour without really knowing they are enslaved.

One hideous result of this credit based economy, is fact that value of our currency is pure guesswork.

The value of money is a gamble. Casinos come into existence called money markets. Insiders cream off billions of pounds for themselves, without lifting a finger to contribute to creation of wealth they misappropriate.

With National kitty robbed in this manner, lowest stratum of our society becomes impoverished.

We need Monetary Reform and that will eradicate poverty from whole world. It is very simple, instead of allowing banks to create money by laundering credit, we restore to Government, sole right to create and issue new money and instruct Government on how to do this correctly, so that there can be no resulting inflation.

It seems to me that Medical Profession which is in business of saving life and reducing suffering, should lead world out of trap of poverty and death from starvation and preventable disease. Because it can be done, it must be done. Let us lead way into a new Golden Age of Economics, in which superabundance of what we can produce is properly distributed and not allowed to waste for lack of money, which like poverty is man made stuff.

We have as much money or as little money as we choose, do not choose so little, that people live and die in poverty.

www.monetaryreform.org