Receiving Your Due -- KNOW YOUR CUSTOMER: Investigate prospects' creditworthiness. Places such as Dun & Bradstreet (800 333-0505) or Experian (800 520-1221) sell company credit histories. -- BE SMART ABOUT BILLING: Send invoices more than once a month, and add urgency by dating it with the next month. -- CONSIDER IN-KIND PAYMENT: Accept free services, for instance, when a customer really can't come up with the cash. -- WRITE FIRST, SUE LAST: Hire a lawyer to send a demand for payment on letterhead; it doesn't commit you to filing a costly lawsuit. -- USE A COLLECTION AGENCY: Farming out bills can get results, but on average agencies take a 30% commission--and collect only 22 cents on the dollar.

Updated June 14, 1997 by bwwebmaster
Copyright 1996, by The McGraw-Hill Companies Inc. All rights reserved.
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