How to Get Paid Faster Methods for streamlining your company's collection practices

Any time you're not collecting your money on the spot when goods or services are rendered, you're extending credit--and risking that your money will never land in your bank account. Collection expert Melissa Nash Andrews, author of How to Get Paid On-Time, Every Time, offers these tips for getting what you're owed.

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• Set a credit limit and a time limit.
• State your policies about credit and payment upfront.
• Have a system for issuing and following up on invoices to ensure that your billing goes out promptly.
• Make a receipt-of-invoice call a week or two after the invoice is sent to ensure that it has been received and that it's in the system for payment according to your terms.
• Keep emotion out of it. It can be infuriating when a client doesn't pay, but anger won't get the bill paid faster.
• Consult your attorney or a reputable collection agency if you can't collect your money on your own.