Why You Should Have Tighter Controls on New Customers

Are you worried about customer loyalty?

When you first extend credit, your new customer knows they’re being monitored. For that reason, in most cases they’ll pay the first few invoices on time. After that point, some customers decide that they can relax and pay less promptly because they’ve already earned your respect and are no longer under the microscope, and their payments may start slowing.

In order to collect on a debt, you need to be able to identify exactly who your debtor is – such as a partnership, a corporation, or a limited liability company. This is not always easy! This process can be long and complicated, especially if your debtor is using multiple names and/or locations.

Learn more in our latest article.

Hire a Michigan Commercial Collections Attorney Today!

To protect your creditors’ rights, contact an experienced attorney for commercial collections in Michigan at (248) 645-2440 or via contact form for an effective resolution to your collection matters. Let the experts worry about your collections, so you have more time to focus on growing your business.

Four Ways to Implement Tighter Controls on New Customers

Are you finding it challenging to get new customers to pay on-time?

To protect yourself, you may choose to adopt some of the following controls:

1. Put the customer on a short leash, such as a 15-day watch list, so you detect a slowdown in payments almost immediately.
2. Be ready to turn off the credit faucet: no credit if no payment.
3. Hold up further deliveries of your goods or services until the customer pays his late invoices.
4. Get additional assurance of payment, such as liens, guarantees, and promissory notes.

Learn more in our latest article.

Hire a Michigan Commercial Collections Attorney Today!

To protect your creditors’ rights, contact an experienced attorney for commercial collections in Michigan at (248) 645-2440 or via contact form for an effective resolution to your collection matters. Let the experts worry about your collections, so you have more time to focus on growing your business.