The key to collecting any overdue account is to take prompt action this should include:
•Pick up the phone and calling your client a lot can be learned from a personal call
•Try and set a mutually agreeable date with your client on when the account will be paid
•If they cannot pay the overdue account in one lump sum then look at setting up a repayment arrangement. To ensure there can be no misunderstanding it should be in writing and needs to include the payment amount, frequency of payments and start date.
•If phone contact cannot be made write setting a date when you expect payment always give your client the option to contact you to discuss the account
•Should the account not be paid by the time it hits 60 days overdue or the client breaches any repayment arrangement then it should be handed to Global Credit Management for recovery