How to Successfully Urge Clients into paying their Overdue Bills

Apr 30, 2014
Invoice

Even in a good economy, some people are just late paying their bills. While it can aggravating for a merchant, being angry with the customer does not help matters. In this article you will learn about the ways to help recover payment, as well as ways you merchant account processor can help you get the money you are owed.

Your first step in collecting an unpaid bill should be to send a statement or a collection letter requesting payment of the invoice. If letters do not work, it is time to get personal. It is a lot harder to withhold payment from someone you know than from a stranger. For this reason, you should not rely solely on successive collection letters. Instead, telephone the client. If you are dealing with a large company, you may have to first contact someone in the accounts payable or purchasing department. However, if that person is not helpful, do not hesitate to call higher-ups, including the president of the company. Explain that cash flow is important to your business and that you cannot afford to carry this unpaid receivable any longer. If phone calls do not work, make an appointment to visit whoever is in charge of paying you. However, do not get angry or threaten, as this can get you into loads of legal trouble.

If these methods do not work, consult your merchant account provider. They are likely to know of a merchant account collection agency in your area, or perhaps they represent one. If you are an account holder with eMerchantBroker, you know that they take on the accounts of collection agencies, and they are sure to have a few companies in mind to help you out. While seeking out a collection agency that specializes in merchant accounts can seem like a harsh step, remember that it is your hard-earned money at stake.

It can be annoying when a customer does not pay their bills on time, but with a little patience, it can be handled with ease. The most important thing to remember is to stay calm, as having an outburst can get you into legal trouble. When your attempts fail, remember to consult your merchant account provider, as they are most likely familiar with merchant account collection agencies.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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