Your favourite method of collection

[eribruski]

What is your favourite method of collecting from a customer who has gone past terms on their credit purchase?


I'm usually pretty good at collecting - never had a delinquent account go past 2 months overdue. But I have one jackass who keeps playing games and his $355 bill is now 8 months past due.

I can keep calling his cell, but don't have time to put up with his b.s.. I've showed up at his store but he won't come out of his back office..

I know what your thinking - why for $355 lol?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PatrickP]

1st I don't offer to extend credit.

If They ask I do a credit check.

If they pass I will extend credit but only one order at a time.

If they haven't paid they don't get their next order.

If they wont pay I report them to the credit agencies.



Did you do a credit background check before extending credit to them?

If so report them to the credit agencies. Next time they apply for credit yours will show up. A few years down the road you may get a nice surprise check in the mail from their Atty including penalties and interest if you put that in their original agreement.

I would suggest for small companies you require they pledge their own personal credit with their social sec. They ever apply for an auto loan or a mortg they will be required to pay off you before getting the new loan.

 

[wade1mil]

What do you sell? Can you cut him off until he pays? I would have done this after two months.

Cell phone -> shut off service
Storage unit -> add your own lock to it or auction
Website subscription -> suspend account

 

[JAJT]

If they haven't paid they don't get their next order.

This.

Then file a grievance with whoever necessary, then move on. You have likely spent way more than $400 chasing this idiot down.

If he DOES ever pay again, refuse him credit terms for future orders.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[XavierYZ]

I accept cash cheque or credit card

Ive done 700k dollars in sales and have lost out on only 400 dollars. Which the bulk of it was labour. So I wrote it off. The best way is COD

Unless you have a good track record with the client.

How much more money will it cost you chasing after that money?

 

[DeletedUser2]

Get a Really big sign in front of his biz, Paint on it.

You wont answer your cell, so Maybe this sign will remind you of the 385$ Past Due 8 months now. Pls Pay now....



your client will make the news.

 

[The-J]

Cinderblocks and rope. They'll be swimmin' with the fishes.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[eribruski]

What do you sell? Can you cut him off until he pays?

I used to own a company that manufactures gluten free baked goods - I've closed this line months ago and this is the only retailer that owes money

 

[eribruski]

How much more money will it cost you chasing after that money?

I will apply interest charges to his account to help compensate.. Losing a bit of money is better than losing all of it

 

[msj484]

I used to own a company that manufactures gluten free baked goods - I've closed this line months ago and this is the only retailer that owes money

If this guy knows you have closed the line already, he is thinking you will probably just go away. I'd take some of the advice others have suggested.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.