Toll Free: 1 (800) 207-7661 | Fax: (405) 528-4493 3909 N. Classen Blvd. | Oklahoma City, OK 73118
Debt Collection Tips
It is one of the most common hazards of running a business: customers who cannot or will not pay their bills in a timely manner. This is especially frustrating for companies that provide a service, such as commercial trucking, rather than a product. After all, once you have already shipped the products or materials, it is not like you can repossess your services.
Whether you are working on opening a new trucking company, or have been in the business for some time, you need a clear and reliable plan for collecting on bills. One option is to contact TBS Factoring Services, LLC. We can pay you up to 95% of the debts you are owed upfront, and then take over pursuing payment from your customers. To learn more, call us at 1-800-207-7661.
Strategies for Collecting on Debts
Waiting for an overdue bill is not merely an annoyance. Your business needs a steady income to cover regular costs and pay your employees, let alone turn a profit. If you are waiting for an overdue bill to be paid, some methods you can try include:
- Contact the customer directly. This requires some caution, as repeat calls or other forms of “harassment” could get you in legal trouble. Begin with a letter that clearly documents what you are owed and when it should have been paid. If you decide to call the client next, remain courteous and sympathetic while you try to work things out.
- Take the customer to small claims court. This is clearly a last-resort option, as it can be a time-consuming and expensive process. Naturally, taking every client who is late on a bill to court is simply not a viable option. However, for large debts, this can be an effective choice.
- Contact a truck factoring business. Factoring is a business arrangement in which one company effectively buys invoices from another. A truck factor can give you up to 90 – 95% of the debts you are owed, and then collect the money from your customers. This is not only an option for overdue bills; if you simply need income now – and not in a month or more – a trucking factor can help.
Contact Us
TBS Factoring Services, LLC is a trucking factor committed to reliable and efficient financial services. To discuss the various business plans we offer, and which may be best for your company, contact us at 1-800-207-7661.
