How to Make Business to Business Collection Calls
Businesses are in the business of earning revenue. Large amounts of goods and services targeted to commercial business may also accumulate large balances. Increase incoming revenue by proactively contacting customers that owe money. Collecting money may be a delicate process, but when you make business to business collection calls, it can improve your bottom line.
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Instructions
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Print a list of businesses that owe money. Start with balances over 60 days. Include the balance, list of goods or services provided, past due invoices and phone numbers.
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Start by calling the customers with the oldest and highest balances. Businesses with old balances may be missing invoices, purchase order numbers or approval for services. Businesses with high balances may have a longer period of time between paying invoices.
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Ask to speak to someone in the accounts payable department. Document the first and last name of the person you speak to, a fax number, a direct phone number and when payment can be expected. Provide the contact with the information they need to pay the bill.
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Follow-up with the contact on the date that payment is expected, if it hasn't arrived. When customers have difficulty paying, offer extended payment terms that are convenient for both you and the customer.
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Wait for the checks to come in. Soon you will see payments for old invoices and payments from customers with multiple open invoices come through. When you make business to business collection calls, customers will make your business a higher priority for payment and your bottom line will show it.
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Tips & Warnings
Make it a habit to make business to business collection calls daily, until balances are less than 30 days old.
Be polite and try to develop a rapport with the contact during collection calls.
Accept credit card and check card payments over the phone or online.
Establish an auto draft, auto charge or collection at time of service procedure.
Use discretion when a customer avoids phone calls or misses prearranged payments. Send this account to a collections agency after 60 days without a response or payment from the customer, once you've attempted to contact the business.
