It’s not a bad idea. If you want to protect yourself and your business, it may be worth trying to tighten controls on your customers. However, you don’t want to tighten the reigns too firm! You don’t want to upset new customers.
To protect yourself, you may choose to adopt some of the following controls:
- Put the customer on a short leash, such as a 15-day watch list, so you detect a slowdown in payments almost immediately.
- Be ready to turn off the credit faucet: no credit if no payment.
- Hold up further deliveries of your goods or services until the customer pays his late invoices.
- Get additional assurance of payment, such as liens, guarantees, and promissory notes.
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If you’re a business owner, you should be spending your time conducting business rather than chasing down debts. Contact our experienced attorneys for debt collection in Michigan today at (248) 645-2440 for a resolution to your collection matters. Let the experts worry so you have more time to focus on growing your business.
