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FAQ
Sometimes I feel embarrassed chasing up debt. What should I do?
Be persistent, and don’t feel embarrassed to request payment. Remember, the account is overdue.
How long is too long to allow a customer to pay their debt?
Don’t let your accounts exceed 90 days overdue. The longer the account is overdue the less chance you have of collection.
When chasing up debt, what method works best?
Vary your methods of collection, using mail, email, faxes, telephone calls and SMS messages.
How soon do I need to refer to a debt collection agency?
The debt should be referred at either 60/90 days based on 30 day terms.
Are debts greater that 6 months old more difficult to collect?
Yes the longer you leave a debt, you more difficult it becomes to collect and if you leave it this long the Company or business may be insolvent and therefore you will be unable to recover your debt.
When it comes to terms, what should the process be with new customers?
When you open a new account, it is a good idea to formally notify your new client in writing. Serve notice of your terms and conditions of trade. Explain your settlement terms in clear, direct language and indicate how you will expect the account to be treated.
If a customer requests copies of invoices is it my responsibility to act quickly?
Co-operate quickly if there is any query or your customer requires copies of invoices.
Do I need to perform credit checks?
If you provide credit to customers for amounts exceeding $2,000.00, we recommend you do credit checks, or you should at least get 3 trade reference checks and confirm that the ABN and ACN they give you is correct.
