wholesale electrical supply – Debt Recovery Guide for Small Businesses

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you can see where any problems lie.  If your payment terms are not met, act quickly.  Don’t let the debts build up or go on too long without your intervention.  Get on the phone and remind them about it straight away. 

With good communication in place, you should be able to judge whether the customer can make staged payments, as this kind of agreement is better than not getting paid at all.  You also need to decide whether to continue to wholesale electrical supply such customers.  Find out the true reason for the delay and these decisions will be easier to make.

Once a payment is over 60 days late, it is time to get really serious.  You might consider calling in a debt recovery agency.  You will certainly need to review the credit status you allow the customer.

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