As a business owner, you know that the ability to keep the company running and provide for your family relies heavily on the payments you receive from your clients or customers. Because of the importance of their payments, you may understandably feel angry and concerned when those individuals do not meet their financial obligations. Not only does their nonpayment hurt your bottom line, it could have negative impacts on your business's reputation and other aspects as well.
Though you may want to go to any lengths necessary in order to receive the money your clients owe your company, remember that it works in your best interests to remain on the right side of the law.
While it may seem like it would feel satisfying to call a customer that owes money, berate and spew threats at him or her for not paying, that course of action may prove more harmful than beneficial. Of course, you do not simply want to sit back and let your money slip away either. Finding a middle ground by checking in and seeing if you may realistically receive payment may prove more useful.
Keep your records
In cases where a client or customer does not pay upfront, business operators typically send a bill or invoice. It is important that you retain copies of invoices, keep dates of when you sent the invoices, detail the duration of nonpayment and log any contact with the client. This information may prove useful later as evidence if you need to take legal action to collect your payment.
Hope for cooperation
Though you may feel angry over the situation, it may work in your best interests to remain as amiable as possible. If you lash out at a client, that person may take offense and refuse to cooperate with your requests for payment or ignore you altogether. Because you do not want the situation to be more difficult than necessary, you may want to stay level-headed.
Know your legal options
Of course, even if you do your best to obtain the payment on your own, it may not happen. As a result, you may need to file a lawsuit in hopes of collecting on the debt. While this may seem like a last resort to you, it could be the most viable option for ensuring that your company does not suffer unnecessarily.