When invoices are paid on time, business owners do a little dance in their office chairs. Contracts are written and signed in faith that every party will contribute what they've agreed. There are cases, however, where an event or misunderstanding or a thousand other reasons prevent an invoice from being paid. Unfortunately, some businesses will fail in their quest to recover those debts. Some businesses will fail altogether. 

Here are tips to getting paid back what's owed to you quickly.

Collecting Business Debts: Tips for Getting Paid Back Quickly

Invoice Early and Often

When your client knows when to expect invoices from you, they're more likely to prepare for them. Stay organized when invoicing by setting a schedule for creating, sending and reviewing invoices. In general, following accounts receivables best practices can assist with ensuring a majority of invoices are paid on time. 

Keep it Friendly

Because of the complex nature of business to business relationships, it's best to stay neutral but direct when attempting to collect past due debts.  A reminder call or friendly late payment letter may be all that is required to prompt payment. Listen and do what you can to work with your client, offering easy payment options before choosing your next plan of action.

See Also: 5 Reasons for Accounts Receivables and Collections Policies

Let Professionals Call on your Behalf

Before turning over the account to collections, you can hire a collections agency to attempt to collect on behalf of your company. The agency represents you but takes away the time and resources burden of phone calls and getting down to the reasons your client isn't paying on time. A collections agency can "clean up" your accounts receivables and help you to get paid back quickly, possibly preventing future late payments.

Hire a Business Debt Collections Agency

It may seem like a last resort but the faster you can get your unpaid business debt to a collections agency, the quicker you can be paid back.  Business debt collections will make attempts to collect and, in some cases, not charge any fees unless something is collected. The agency will have tools at their disposal, including all applicable paperwork from your company, to research and locate responsible parties in order to bring the accounts back current. 

To begin recovery of business debts and see how Enterprise Recovery works,  you can get started with a simple and free sign-up.  Only one invoice is needed to get started, no other commitments, and there are no charges unless we collect. 

If you're not ready to get started, download a free ebook by clicking the green button below. The guide offers best practices to prompt on-time payments from clients and how keep accounts receivables organized.