Collect Late Payments

Posted on May 23, 2008
Filed Under Business |

In addition, it is this need of businesspersons, which can prove to be a lucrative business for you. You could set up a business, offering such businesspeople the collection letters to be sent to people needing to pay money to the business. You could start your business by setting up a large collection of collection letters, instructions, CDs, templates and of course, any help you can think of to offer to these businesspersons. All businesses will readily pay you money for this service, and so there is no worry for you on this matter! You can also offer to do the collection work for the business yourself, if the business people are not keen on doing the collection work themselves.

The most important aspect of your service, will of course, still be the collection letter. These collection letters are also called ‘dunning letters’ and are a very important tool for money collections. When framing a collection letter, frame it while keeping its main objectives in mind; that the business wants the payment of the money due to them, and at the same time, retain the goodwill of the customer. This is why there are different types of collection letters to send to the customers at different times of collection of money.

First of all, send a sort of reminder to the customer of the pending money to be paid to the customer. You have to send the letter, creating an impression that the customer had forgotten to send the money and would send the money on receipt of your letter. If this letter fails to get any response from the customer, you could send another polite, reminder of a letter of the amount pending from the customer, to the business. Then if this too fails, then you will have to draft another letter stating the right of the businessperson seeking legal help to recover the money from the customer. With this letter, most customers make the necessary payments. However, if this too fails, then of course, the next letter that will reach the customer will be the legal notice!

When framing collection letters, keep their length to one page with brief, short sentences and paragraphs. The customer will have no patience to read long letters; write a letter that is short, and to the point. Avoid using complex words in the letter; use simple words that will make it easier for the customer to understand. Make sure the tone of the first few letters don’t have a threatening tone. Make it sound as much as a reminder as possible. Signing the letter personally will give better results and responses from the customer. Of course, date the letters, and mention the total amount due to the business, the date of pending invoices and the date the expected payment is to receive the business. Be firm, and at the same time, urgent and unapologetic in the letters. You are sure to get positive responses from the customers in this way!

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