B2B Collections Strategies Part 2: Accommodation And Communication

In some cases your customer may be experiencing legitimate issues that are adversely impacting their ability to pay in full and/or on time. In such circumstances, offering mutually advantageous accommodation can go a long way in securing full payment over time. It can also be the key to maintaining a good business relationship.

  • Offer partial payment arrangements for your customers who are experiencing issues. Offer it with limitations, such as a one-time only offer, a new order that will be delivered COD, or a post-dated check in combination with a partial payment. If a partial payment arrangement isn’t an option for them, you may perhaps consider temporarily suspending delivery of services (if this is possible) so that they can get up to speed on payments.

Also remember that having a solid communications process in hand at the very start is critical.

  • A great percentage of businesses today communicate their collections via email. When sending collections emails, consider cc’ing your customer’s accounts payable department head, or the company president or owner if appropriate.  Attach copies of invoices to the emails. Leave a paper trail.
  • Document all communications with your customer and rely on that documentation to verify payment terms and terms of collection. Have a documented collections process that clearly outlines critical information.

Flexibility and a defined communications process can do much to promote a successful collections process, which in turn advances a healthy cash flow.

The Jayaram Law routinely and successfully assists its clients in their business-to-business (b2b) collection needs.  We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.

If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.