I’ve worked collections
for other companies.
It isn’t a fun job.
Working collections for our own companies
is even more challenging.
We’re worried about
upsetting and losing
these late paying customers.
“Some clients will
never (ever) pay on time.
I was faced with two choices:
get rid of the slow paying ones
or make it worth my while
for them to pay in their own sweet time.
Given that I truly love working
with all my clients
(I’d already long ago purged
the ones who were more headache
and less awesome),
I established early pay discounts
and late payment penalties.
Now I’m offering a reward
for those slow-to-pay clients
that step to the plate and pay early.
I’m also getting paid for waiting
when they go beyond
our agreed upon payment terms.
Either way, I get paid.
And now I’m getting paid early
more often than not.”
If you have a collections challenge,
consider early payment incentives.
This entry was posted on Thursday, April 25th, 2013 at 6:00 am and is filed under Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.