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	How to Collect Business Debt
	Resources: How to Collect Business Debt Need more help collecting late payments? Check out the sample collection letter below, as well as authoritative books listed. Sample Collection Letter Bill Koechling owns William Koechling Photography, a one-man photography company in the Chicago area. When his collection efforts have failed, Koechling sends a carefully worded letter after 60 days, with a copy to a company officer. The letter, he says, has failed to obtain payment only once in 35 years in business. Here’s copy of Koechling’s letter. Dear (Client), I still have not received payment for my invoice #xxxx of (date) for $(amount). In a very few days a decision must be made on this account. As you might imagine, the choice whether or not to place an account with our collection agency is one which we weigh with a good deal of care. Your good will is important to us. That is why we are reluctant to take action which might jeopardize your credit standing and cause you embarrassment or added expense. Yet, I think you will agree that our position is a fair one. We have been happy to extend you credit based on your promise to pay according to our terms. Since then we have attempted to contact you several times by phone without response and now we must consider the possibility of placing your account with our collection agents. Still I am hopeful that you will act promptly and forward us your check IN FULL IMMEDIATELY. That is why I am going to suspend further action until (date). It is important, however, that I hear from you by then. Otherwise, a decision must be made that I am sure neither of us wants. Very truly yours, (Your signature and title) Related Seminars If you liked this topic, check out these related Success Skills Seminars: 7 Financial Facts To Know About Your Business Find The Right Advisors For Your Small Business Boost Your Small-Business Sales

Books
	Become the Squeaky Wheel: A Credit & Collections Guide for Everyone By Michelle Dunn, Never Dunn Publishing, 2005
	Collect Your Money: A Guide to Collecting Outstanding Accounts Receivable for Your Business By Cody Flecker Cobra Publishing, 2003
	Collection Management Handbook: The Art of Getting Paid By A. Michael Coleman Wiley, 2003
	How to Collect Debts and Still Keep Your Customers By David Sher and Martin Sher American Management Association, 1999