Comments on: Help, my client won't pay! http://smallbusiness.blogs.cnnmoney.cnn.com/2008/07/10/client-pay/ Editors from FSB magazine answer your pressing small-business questions. Tue, 15 Dec 2009 12:52:55 +0000 http://wordpress.com/ hourly 1 By: Srini Lokula, Newark, Delaware http://smallbusiness.blogs.cnnmoney.cnn.com/2008/07/10/client-pay/#comment-776 Srini Lokula, Newark, Delaware Mon, 21 Jul 2008 02:34:37 +0000 http://askfsb.wordpress.com/?p=404#comment-776 I have been in the business for at least 12 years. No insurance would cover your receivables. Yes, BBB is a joke (It is more useful for retail customers) and it is a waste of time. I completely agree with John Dombrowski (NC). Again, from my experience we have collected receivables by going through two step process. One is hiring Dun & Bradstreet. If D&B is unsuccessful, it is better to hire collection agency who will review your contract and terms for validity. Collection Agencies would collect and pay you around 60% of the amount. This is a real good deal, because as a company you do not need not pay any legal expenses. Good luck ! I have been in the business for at least 12 years. No insurance would cover your receivables. Yes, BBB is a joke (It is more useful for retail customers) and it is a waste of time. I completely agree with John Dombrowski (NC). Again, from my experience we have collected receivables by going through two step process. One is hiring Dun & Bradstreet. If D&B is unsuccessful, it is better to hire collection agency who will review your contract and terms for validity. Collection Agencies would collect and pay you around 60% of the amount. This is a real good deal, because as a company you do not need not pay any legal expenses. Good luck !

]]> By: Keith, Raleigh NC http://smallbusiness.blogs.cnnmoney.cnn.com/2008/07/10/client-pay/#comment-765 Keith, Raleigh NC Tue, 15 Jul 2008 16:28:35 +0000 http://askfsb.wordpress.com/?p=404#comment-765 I would be very careful about reporting clients to the credit report agencies, as this may sour future business dealings. You never know when you might need this business or individual. Burning bridges is the worst thing you could do in business. Have you thought to consider why they aren't paying? Is there some amount in dispute? Are they having financial hardship? Is it a service related issue? I would be especially wary if they are having financial hardship. In this day and age, it might be better to work with them on an equitable payment arrangement. The business will thank you for it, and you won't lose a client. Unfortunately, you didn't give a lot of background on the problem so one can only surmise as to why they aren't paying. I would be very careful about reporting clients to the credit report agencies, as this may sour future business dealings. You never know when you might need this business or individual. Burning bridges is the worst thing you could do in business. Have you thought to consider why they aren't paying? Is there some amount in dispute? Are they having financial hardship? Is it a service related issue?

I would be especially wary if they are having financial hardship. In this day and age, it might be better to work with them on an equitable payment arrangement. The business will thank you for it, and you won't lose a client.

Unfortunately, you didn't give a lot of background on the problem so one can only surmise as to why they aren't paying.

]]> By: John Dombrowski, Charlotte, NC http://smallbusiness.blogs.cnnmoney.cnn.com/2008/07/10/client-pay/#comment-764 John Dombrowski, Charlotte, NC Tue, 15 Jul 2008 14:57:24 +0000 http://askfsb.wordpress.com/?p=404#comment-764 The BBB is a joke. That step is a waste of time when it comes to getting money collected. You need something with some teeth to it. Go hire a collection agency. I use Transworld Systems and they collect a solid amount for me. The BBB is a joke. That step is a waste of time when it comes to getting money collected.

You need something with some teeth to it. Go hire a collection agency.

I use Transworld Systems and they collect a solid amount for me.

]]> By: LB, Los Angeles, CA http://smallbusiness.blogs.cnnmoney.cnn.com/2008/07/10/client-pay/#comment-753 LB, Los Angeles, CA Thu, 10 Jul 2008 22:02:01 +0000 http://askfsb.wordpress.com/?p=404#comment-753 Ask your insurance agent about trade credit insurance. There are insurers who write policies that protect businesses from bad debt losses. Forget reporting your client, use insurance and get paid!! Ask your insurance agent about trade credit insurance. There are insurers who write policies that protect businesses from bad debt losses. Forget reporting your client, use insurance and get paid!!

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