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- Understanding the Role of the Accounts Payable Department
- Using a Customer's Uncertainty as a Collection Tool
- When to Place an Account for Collection
- Selecting a Third Party Collection Agency
- Credit Holds
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- Issuing a Final Demand
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Issuing a Final Demand
Before your department places an account for collection, send a final demand letter. Make sure that it is sent to the debtor company President or owner of the debtor company, and that copies of the letter go to everyone that might be able to get the past due balance paid including the debtor company CFO, Controller, Accounting Manager, Buyer, A/P Clerk, etc.
Consider following up on your final demand with a final call to the customer. Before the final demand expires, call the debtor company President. By speaking directly to the debtor company President, you might avoid having to place the account for collection and losing xx% on contingent collection fees. Even if this technique works only once a year, it is worth the effort.
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