Your Virtual Credit Manager

MARCH 5, 2024

If you send an email or text you can attach a copy of their account statement and/or invoice ccopies. On a phone call, you should summarize all amounts past due, such as “you owe $10,000 that is over 30 days past due” or reference one or two large past due invoices (number, amount and due date), but no more.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

JANUARY 17, 2023

it just might help them pay you sooner! it just might help them pay you sooner! Share A Case in Point A parts distributor was having difficulty with collections and high dispute volumes.

Credit and Collections 246

Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

Your Virtual Credit Manager

NOVEMBER 14, 2023

Try to get a guaranty from a financially strong related party who will pay the AR if the customer defaults. These customers will require more intense follow up of past due invoices (e.g., at 4-7 days past due versus the two weeks or more that is typical). that is most compatible with the customer.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

APRIL 25, 2023

Subscribe now A Transformative Experience A parts distributor was having difficulty with collections and high dispute volumes.

Credit and Collections 130

Credit and Collections Past Due Invoices Collector DSO 130

Fundera

NOVEMBER 29, 2019

The customer could default altogether. The longer the period of time between the receipt of goods and the payment for them, the higher the likelihood the customer will default on the payment altogether. And although you could turn the invoice over to collections, that just adds time to the collection cycle and expense to your business.

Credit and Collections 52

Credit and Collections Past Due Invoices Default Transactions 52

Fundera

JUNE 16, 2020

You also eliminate the risk of a customer defaulting on their payment. Address any invoices that have gone past due quickly and courteously. Offering early payment discounts not only gets you paid faster, but it also reduces the risk of customers defaulting on payments and increases customer goodwill.

Credit and Collections 40

Credit and Collections Past Due Invoices Default Small Businesses 40

Your Virtual Credit Manager

NOVEMBER 1, 2022

Simply defined, collections is the process of contacting customers to secure payment for your invoices. For the most part collections deals with past due invoices — those not paid within established terms. Automation of the routine emails to the majority of your customers can be achieved easily in a number of ways.

Past Due Invoices 130

Past Due Invoices Credit and Collections Bad Debt Accounts Receivable (AR) 130