Getting Swindled? What You Need to Do Right Away

You followed all the correct steps – You sold your goods like a pro and provided excellent service. You held your end of the bargain and then mailed the bill… Silence. The realization that you’re being ripped off starts to set in. 

The client may be complaining about a widespread cash flow issue in the sector, unforeseen business expenses, or bragging about a sizable receivable that will soon be received. Your calls might be going to a full mailbox or going unanswered. Any of these are extremely bad and indicate that you may lose the money you are owed.

First and foremost, you and the consumer had an agreement. On your end, you performed well. Whether your arrangement called for payment upon delivery, on a Net 30-day basis, or in another way, this is business. Even when it is not in writing, prompt payment is necessary.

There is a strong pull to be patient. Remember, the customer is always right… Not while your bills go unpaid, though.

Stand up for yourself, your business, and the staff that it employs. If you aren’t taking your efforts to collect from a customer seriously, another of their creditors undoubtedly will. The likelihood of receiving payment in collections may be predicted statistically and decreases significantly with each passing day. 

The statute of limitations for debt collection in your province is getting closer and closer; once it expires, the debt will be essentially worthless.

You and the client have a commitment. The agreement included prompt payment. Don’t wait for the inevitable to occur if you are being swindled. The following 3 actions must be taken without delay:

1. Finalize Your Notice

It’s crucial to stop the promise of payments that are always weeks away. This entails stating the total amount due, the original due date, and a payment deadline. You would never have agreed to do business with such conditions, and finding the money is not your concern.

2. Indicate the Following Stages in Detail

Inform the client that you require complete payment by a particular day and time. If not, state the repercussions and specifically name your collection agency. For instance, “If full payment is not received by 3:00 p.m., this account will be sent to our collection agency, CGI Credit Guard, on Wednesday, December 15, and a report will be made to the national and regional credit bureaus as a result.” If there is a slight chance that you may get paid, stating the particular implications should prompt the debtor to take immediate action.

3. Carry Through

You must act exactly as you say when dealing with debtors. Obfuscation and second chances damage credibility, leading to calamity.

Don’t hold it against yourself if you get a client who won’t pay What matters is that you defend your company’s rights to payment while there is still cash on hand to cover your bill. A reputable collection agency will rapidly obtain your money while making every effort to keep the client connection intact. Your reputation as a no-nonsense company will be cemented, you’ll be given more priority as a payee, and there will be less chance of future issues of this nature if you establish yourself as a provider who does not accept broken promises or excuses. 

With CGI, you can start the process at any time, day or night, by submitting past-due accounts using our online tool here!