updated November 21, 2023 · 3min read
Cash transactions are rare in the modern marketplace. More commonly, businesses must accept and rely on a customer’s promise to pay in the future, a promise that may come in the form of a credit card or a personal check. Occasionally, through oversight or mismanagement, these deferred payments are not completed. If a customer bounces a check, the business receiving it not only doesn’t get paid the first time, but is forced to pursue the customer and seek payment again. This is an expensive cycle, both in terms of collection costs and in availability of funds. According to some reports, American retailers may lose about $15 billion dollars a year because of bad checks.
Some believe that the best approach for collecting deficient payments is aggressive, dogged, threatening correspondence. Although this method does have its place, in many circumstances it will further alienate you from your customer, erase the possibility of future business, and perhaps make the payment tug-of-war personal. A better strategy is to weigh your options carefully, prepare well thought-out communications, keep accurate records, and be flexible.
The letters included in this packet are constructed to help you get what is rightfully yours. Their tone is designed to be both professional and firm. In the end, you know your business and your customers better than anyone else: you may choose to alter the correspondence to best suit your business needs.
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