Published On: Mon, Feb 12th, 2018

Receivables Performance Management Receives Key Tricks and Hints to Get Paid Properly

Lynnwood, Washington company Receivables Performance Management LLC is one of the most experienced companies of its kind. Incorporated in 2002, they offer various commercial services and supplies, focusing particularly on accounts receivable. They offer management services, but also complete research on the sector, and are involved in investing. One of the key things they aim to do, however, is help to make sure their clients get paid, which they do by focusing on accounts receivable.

photo 401(K) 2012 via Flickr

Receivables Performance Management on Getting Paid

The company has recently completed a piece of research and found that most businesses have at least 5% of their invoices pending after a 30 day period of waiting. This is significant, because that money cannot be used for investing, company growth, or the payment of bills. Hence, Receivables Performance Management has completed a piece of research that demonstrates how to make sure payments are made and for accounts receivables to be in order.

How to Get Paid in 13 Steps

  1. Make sure you are organized. Know what is due and when, and who is supposed to pay it.
  2. Impose a credit limit and make sure you stick to it. However, you can entice people to pay more and more regularly by offering them a higher credit limit in return.
  3. Focus on creative communication. Nobody wants to receive threatening letters with red ink on the envelope. Additionally, they don’t want bill reminders to be the only communication they receive from you. Be professional and respectful and send things like Christmas cards and other seasonal messages.
  4. Get on top of things straight away. Remind your customers of upcoming payment dates before they become pending.
  5. If a payment is late, take action straight away. The longer you wait, the more difficult it becomes.
  6. Sometimes, people genuinely forget to pay you. This is why it is so important to remind them. If they payment is late, or even late again, keep reminding your customers about it.
  7. Always be professional. You are dealing with people, but it is important to keep a professional distance and professional tone. After all, you may end up having a long professional relationship with the late payer.
  8. Don’t be afraid to make a collection call. If there has been no response to any letters, then this must be the next step.
  9. Be ready to hear some very interesting excuses.
  10. Consider whether or not you can accept an installment plan. On the one hand, it means you get paid but, on the other hand, it means investing more time and effort into getting that money.
  11. Penalties for late payments can work, but rewards for early and on time payments work even better. A simple thank you goes a long way.
  12. Consider bringing in outside resources if you find accounts receivable too complex. Outsourcing accounts receivables to a company like Receivables Performance Management may be a good idea.
  13. Call in the experts. Sometimes, things have to go to debt collection, unfortunately.

Author: James Daniel

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  1. Phil says:

    This company uses very shady tactics. They do intimidate customers, and they are very vulgar.

    They contacted me due fo yo a wrong number. I have explained this to them multiple times. Yet they do not stop calling despite it taking 24 hours to ho off their list, it’s been two weeks and are still calling.

    Con artists

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