T M S Solutions Ltd

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Please note, credit cards are a way of life; don't short change your company by refusing to offer this payment option or failing to allow for the cost of accepting credit cards. Determine the direct cost of managing credit card payments and build it into your billing rates across your customer base. It will amount to a few pennies and your customer base will be paying for the option, not your company.

If your information system cannot perform the functions in this document, it is probably costing your company tens of thousands of dollars each year. Stop giving your revenue and profits away to your customers; get a good information system. If you have a customer base of more than 30,000 subscriptions, you can easily justify a new software system with the increase in collection revenue and decrease in staff needed to work collections.

Just like the suspension notice, a collection agency notice is a strong tool in recovering receivables. So how do you proceed? First, select a good collection agency with a strong track record in collecting small balances. Make sure they understand your business process. Waste management is a virtual unknown to most of the public, so take the time to explain what they agency will be facing. The agency should make a clear offer to assist your customer in resolving the disputed amount, including re-instating them with your company for future service.

Another method of nudging slow-paying customers is to have your company attorney write a collection letter to those customers, before you ever send their account to a collection agency. Many times, receiving an attorney's letter is enough of a motivator to make the collection process successful.

Research the companies that are providing this service, and choose the top three to five that offer the best fit for your company. Ask for bids, and don't forget to ask for references that include current clients. Check those references as carefully as you would any other, especially if you're talking to a relatively young company.

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