September 20 is National Tradesmen Day, IRWIN Tools’ day dedicated to electricians, plumbers, mechanics, and many more. American Profit Recovery is proud to have helped many trades businesses and tradesmen recover profits over the years as well but in a different capacity; getting paid for what they do.
Tradesmen do the hard work that make our daily lives possible, but like any industry, late payments and delinquent accounts can be a big issue. To help trades businesses this National Tradesmen Day, APR wants to share some of its top tips for preventing and collecting on late payments.
If you’re in the trades, here’s some helpful advice for getting paid on time.
• Get it in Writing: Contracts are very helpful when it comes to establishing the terms and conditions of payment. Always reach an agreement with a customer before beginning a job, and make sure they understand the contract.
• Collect Information: Find out as much information on your customers as possible. Phone numbers, addresses, emails—the more you have, the easier it is to reach them.
• 60 Days: If a customer is late with pay, you’ll have to pursue the account. APR recommends waiting 60 days before actively pursuing payment, but following up within a month can be very helpful.
• Find the Right Agency: Costs and values are important. Look for agencies that offer low-cost collections, which is more affordable for small and local businesses. And if diplomatic collection process matters to you, look for an agency that believes the same.
For more information on National Tradesmen Day, click here: http://www.irwin.com/nationaltradesmenday