Haven't You Waited Long Enough for Your Money?

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HAVEN'T YOU WAITED LONG ENOUGH FOR YOUR MONEY? By Jim Finucan =A9 Tiare Publications Group 461words

Business-to-business debt collecting is a different ball game than collecting from an individual debtor. Once things have gotten to the point where a business debtor has owed you for quite awhile, it's perfectly OK to take the gloves off - to go all out to get your money. After all, things are now at the point where you wouldn't accept another P.O. from that outfit anyway so there's nothing more to lose!

Be clear in your own mind about what your objective is: getting the balance paid in full. Nothing else is acceptable. It's OK to threaten legal action. This creates a public record that this firm is stealing from you. Essentially you are going to be calling this person a thief to try and make him see himself as you see him and make him change his mind about paying you. You simply cannot be timid about it, nor can you approach the campaign half- heartedly. The debtor already has you figured as a pushover; you have to convince him otherwise. And he already has a catalog of excuses set aside just for you. You have to have a mindset ready to sweep those excuses aside and let him know you mean business.

Start by getting to the right person. Don't mess around with underlings or gatekeepers. They don't cut the checks. You want the owner or the guy who authorized the purchase and is now telling someone else to ignore your invoices. Seek him out. Call him as often as you need to, even at home in the evenings. Communicate your anger and don't be overly concerned with business etiquette; it doesn't apply here. In fact, the federal Fair Debt Collection Practices Act does not apply to commercial transactions so you are pretty much free to try anything, although common sense suggests you avoid anything that would reflect badly on you or your firm.

Some verbal examples you might want to use:

You received the product, now I want my money, and you're going to pay it =96 whether you want to or not

I have personal knowledge (assuming you do) of the assets you hold. Now how are we going to settle this?

Are you a man of your word?

What kind of operation are you running there?

Are you ripping off other people as well?

Would you say your conduct here is honorable? (With this one, be ready for the debtor to try some self-justification. This will reveal how this he thinks he can justify his stealing from others. When he does point it out to him)

It's imperative that you stamp out any objection or stall tactics he may try until you have him on the ropes. Then you can try to reason with him; just don't waver in your insistence on full and complete payment.

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Jim Finucan's debt collection manual "Past Due!" is filled with techniques he developed over some 15 years as a top gun debt collections expert. "Past Due!" shows you how to double your debt collections! More info is at: www.tiare.com/pastdue.htm