11809711361879.gqs4prOe2IGO7AZMBMT3_height640Many companies will permit debtors, whether it’s a business or consumer purchasing goods or services, to extend the time to pay their outstanding balances. While you want to maintain a good relationship with your clientele, some debtors read this as “you can take all the time in the world to pay this bill.” This policy has a negative impact not only on a company’s cash flow, but also on its bottom line.

That’s where C.Tech’s services come into play. Under the guidance and expertise of its principal owners, C.Tech delivers exceptional collection services whether collecting from consumers or businesses. You can be confident that C.Tech will represent your business interests in a highly effective and professional manner.

Below are a few tips to enhance your internal collection process:

Establish a Defined Credit Collection Policy

  • Define to the customer when accounts are to be paid
  • Make sure terms are clearly stated to the customer in writing

Invoice Promptly

  • Bill your customers in a timely manner
  • The customer should be invoiced and billed according to the company’s payment terms

Contact Overdue Accounts More Frequently

  • Be diplomatic when reminding your customer of your payment terms
  • Place customers in collections for past due accounts of * 90 days or more from date of service or receipt of goods

* According to recent statistics, the probability of collecting a delinquent account drops dramatically with the length of delinquency. For instance, after three months, the probability of collecting a delinquent account drops to 73%. After six months, the probability of collecting drops to 57%. After one year, the chance of collecting a past due account drops to a mere 29%.