Fidelity’s President Clint Sallee was quoted in an Oct. 31, 2013 article by Inc. discussing collecting on past-due invoices and the impact non-collection has on a company. According to the article, which was posted on Bank of America’s Small Business Community website, the longer a company waits to collect money, the less likely the company will collect at all which ultimately impacts the bottom line.
Sallee told the publication that the more proactive a company is in its approach to collection, the more likely they are to get paid adding to the old adage “the squeaky wheel gets the grease.”
“Insufficient collection efforts often are the beginning of a company’s cash flow constraints”, says Clint Sallee, president of Fidelity Creditor Service, a collection agency based in Glendale, California. “Once you know that the customer is not going to make prompt and complete payment, don’t wait for something magical to happen,” Sallee advises. “Get proactive. Escalate the issue internally or up the chain of command at the debtor’s company—or both. If that doesn’t work, consider your external options.”
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