Stephen Collie Enterprises New Zealand

Probably the least pleasant part of the accounts receivable professional’s job is running a customer through a collections process. It is time-consuming and can be stressful. Truth be told, you probably are swamped just with your regular duties, emailing requests for payments and making phone calls to answer payment questions for customers.

Still, sending out personalized collections letters to the most delinquent accounts is a crucial part of getting paid. Creating every new collections letter and dunning campaign from scratch is not really necessary, however. You can work off of basic templates and personalize them as needed. To help you with this task, we’ve drafted some simple templates that are clean and easy to understand. Clarity and getting to the point quickly are critical; no one wants to read a lengthy collections letter.

Feel free to copy these templates and make them your own by modifying the introduction section and the closing section to reflect your personal relationship with the accounts payable person or your contact at the delinquent company.

Guide to Writing Collection Letter #1

In most cases, you want to send this letter out very shortly after the invoice is past due. You may have reminded the customer to pay on time, sent emails, left phone messages. Or you may have just assumed they would handle their payables on time. Because this is the first notice, keep the tone professional, but friendly. At this point, it’s more than likely that the payables contact went on vacation, your invoice is waiting in a queue, or some other minor and temporary delay has happened. With this letter, make it clear you are not assuming ill will or evasion but that you still need to have your invoice paid. Keep in mind, as well, that it is entirely possible the customer has not paid because there was a problem with the product or service that has not been resolved and the customer is unhappy. Above all, remember that paying an invoice is the last step in the customer journey and it should be if at all possible, a pleasant and positive process. These customers keep you in business.

This first collection letter must always contain the following basic information:

  • The amount due
  • The item or service purchased
  • Number of days a specific invoice is past due
  • A summary of all of the invoices on the account
  • Clear instructions on the next steps
  • Payment information – ideally an online payment link
  • A precise calendar due date upon which you are requesting payment
  • How to contact you directly with questions or to provide reasons for not paying and status updates

Collection Letter #1 Template

Dear [Insert Name],

[If you know the contact personally, insert a brief note like “Hope your vacation in Hawaii was wonderful!”]

Just a quick reminder that [Insert Company Name]’s account is past due. Our records show there is a balance of $[Insert Amount] that is currently [Insert the number of days past due] days past due. Attached is an account statement with all the relevant balance information. We have also emailed the account statement and invoice to you, for your convenience. If you have not received this email and the attachment, we have provided a summary of your account info below.

  • Invoice Number:
  • Invoice Date:
  • Amount Due Date:
  • Days Past Due:

Could you please tell me the status of your payment? Here is a [link] to our payments portal. We request that you make payment by [Insert Date]. Alternatively, we can provide you with our bank information for an EFT or ACH.

If you can’t pay electronically, please send us a paper check to the following address:

[Insert Your Company Name]
ATTN: Accounting Dept.
[Insert Address]

If we have made an error on your account or you can’t pay at this time, please call me to discuss at [Insert Phone Number]. We are happy to correct any errors or arrange for a payment plan.

We look forward to continuing to do business with you.

Sincerely,

[Insert Your Name]

[Insert Email Address]

[Insert Phone Number]

Guide to Writing Collections Letter #2

In the second collection letter, you will need to change tone to become more firm, under the assumption that your first letter was ignored. That said, you don’t want to alienate or anger the customer. At the same time, you want to make it clear that you expect to be paid shortly. Send this second letter 7 to 10 business days after the first collection letter.

The second collection letter should include much of the same information as the letter, with the addition of a brief mention of the potential consequences of continued non-payment:

  • The amount due
  • The item or service purchased
  • Number of days a specific invoice is past due
  • A summary of all of the invoices on the account
  • Clear instructions on the next steps
  • Payment information – ideally an online payment link
  • A precise calendar due date upon which you are requesting payment
  • How to contact you directly with questions or to provide reasons for not paying and status updates
  • Brief mention that failure to pay could have real consequences (credit rating, liens filed, service suspension and reinstatement charge).

Collection Letter #2 Template

[Insert Name] – I wanted to check if you had received our first collection notice.

We have not yet received payment for [Insert Invoice Number]. We have not yet received your response to our letter sent on [Insert Date]. Unfortunately, [Insert Company Name]’s account is [Insert Days Past Due] days past due. You owe a total of $[Insert Amount].

You are a valued customer. We would like to keep your business. Please tell us how we could help you make this payment. We would prefer to avoid actions that could damage your credit rating and impact your ability to do business with us and other companies.

Please submit your payment of $[Insert Amount] by [Insert Calendar Date]. You can pay by credit card over the phone, pay online via our payment portal, or you can send a check in the self-addressed envelope I enclosed here. If you would prefer to pay via ACH or EFT, we are happy to provide our bank details.

If for any reason you cannot pay in full, please contact me immediately at [Insert Phone Number]. I would be very happy to discuss a payment schedule for you and [Insert Company Name].

I do hope we can continue in business together. Thanks for your prompt response and payment.

Sincerely,

[Insert Your Name]

[Insert Email Address]

[Insert Phone Number]

Collections Letter Templates

Image Credits

Guide to Writing Collections Letter #3

At this point, the chances of you getting a full payment are pretty slim. You have less to lose – most likely the customer has an idea of what potential consequences of non-payment might be. The tone should remain professional but less cordial to convey the severity of the situation. Definitely accompany this letter with a phone call to your contact. Make it very clear in this letter that the customer is likely to face serious consequences, including reporting the delinquency to credit bureaus and taking legal action. The third collection letter should include the following information:

  • The dates previous letters went out
  • The amount due
  • The item or service purchased
  • Number of days a specific invoice is past due
  • A summary of all of the invoices on the account
  • Clear instructions on the next steps
  • Payment information – ideally an online payment link
  • A precise calendar due date upon which you are requesting payment
  • How to contact you directly with questions or to provide reasons for not paying and status updates
  • Brief mention that failure to pay could have real consequences (credit rating, liens filed, service suspension and reinstatement charge).

Collection Letter #3 Template

Dear [Insert Name],

This is the third letter we have sent to you and [Insert Company Name] is requesting payment in full for invoice [Insert Invoice Number] which was due on [Insert Due Date]. We sent the first letter on [Insert Date] and the second letter on [Insert Date]. We have also called and emailed you to request a payment.

Your account is now [Insert Days Past Due] days past due and you owe a total of $[Insert Amount].

Unfortunately, unless we receive payment in full by [Insert Date] (or agree on a payment plan by this date), we will engage our attorney in the matter and report your delinquency to the credit bureaus. This would have severe consequences on the ability of your business to secure credit.

To prevent these consequences, you can pay the full balance (or make a partial payment immediately) via our online payments portal (URL) or call me and provide your credit card information so we can process a payment. .

Contact me immediately at [Insert Phone Number] so that we might settle this matter amicably and quickly.

Sincerely,

[Insert Your Name]

[Insert Email Address]

[Insert Phone Number]

Collections Letter #4: The Final Letter

At this point, you can honestly say you have tried your best and offered the customer multiple options to settle their invoice. This letter should not even ask for payment. Rather, it should just state that you have informed the credit bureaus and engaged your attorney or legal department to pursue legal remedies. While it is not mandatory that you notify delinquent customers of these actions, doing so might actually induce a payment. Once a company knows that legal action is imminent, then it sometimes can accelerate the settlement process. Should this final letter result in a phone call, remain cordial and even friendly; it is far better to be talking with the delinquent customer than to have them ignore all communication. You can keep this letter short. It is designed to serve as proof that a customer has been contacted multiple times and that you have made a good faith effort to give them a chance to pay their debts, in part or in full.

This letter should contain the following details:

  • Number of days an invoice is past due
  • The amount due
  • The dates when the previous three letters were sent
  • A statement that you have referred this matter to the credit bureaus and engaged an attorney

Collection Letter #4 Template

Dear [Insert Name],

We have sent three collections notices to you and [Insert Company Name] is requesting immediate payment for invoice [Insert Invoice Number] for $[Insert Amount] which was due on [Insert Due Date]. We sent letters to you on [Insert Date], [Insert Date] and [Insert Date]. We have also emailed you payment requests and copies of your invoices on those same dates.

Due to your lack of response, we have reported this issue to the credit bureaus, initiated legal action against [Insert Company Name], and are in the process of engaging a collections agency to pursue the debt.

Should there be any change in your situation, please contact me immediately at [Insert Phone Number].

Sincerely,

[Insert Your Name]

[Insert Email Address]

[Insert Phone Number]


This article by Koben Williams was originally published on Tesorio Blog

About the Author:

Koben Williams is the Head of Customer Operations at Tesorio.


Featured Image Credits: Pixabay

Caught the travel bug? If wanderlust is calling, sometimes the only solution is to answer it. Many people move overseas with no long-term plan, figuring out how to earn money as they travel. Others leave to find new opportunities for supporting their families. No matter what drives you to leave home, there are plenty of options for earning money while on the road.

A word of caution: make sure to research what you are legally permitted to do under your visa restrictions. Some countries will revoke your tourist visa if they find that you’re working without permission. Whether you’re traveling to work, or working to travel, here’s how to earn money while exploring the world.

Get a remote job

So-called “digital nomads” are taking the world by storm. Digital nomads, those who can work from anywhere and choose to take their office on the road, are on the rise. In 2018, research revealed that 4.8 million US citizens identify with digital nomads. At least 43% of Americans spend some amount of time working outside the traditional office environment.

Becoming a digital nomad or working on a remote job often means freelancing. Digital nomadism offers flexibility to make your own schedule and take on work at a rate that suits your lifestyle. Use a site like Upwork, Fiverr, or TakeLessons.com to list your freelance skills, qualifications, and portfolio of work. Find jobs that are remote only on WeWorkRemotely or Remote.co. If you know you’ll be moving frequently and on the road for a long time, digital nomadism might be the lifestyle you’re seeking.

Earn Money Traveling Abroad

Image Credits

Au pair for a family

A great way to travel and also get deeper into the culture of a new country is to au pair while you’re traveling. Au pairs are hired to take care of small children as live-in babysitters. In the US, one au pair reports, “You get a private room in [the host family’s] house, eat their food and often receive a mobile phone and even a car to use in your free time. On top of all these things, you get a weekly salary of $195.75.” Au pair-ing can be a good way to make some money, cover your accommodation expenses, and get to know what real life is like in the country you’re visiting. Stick with a trusted agency like Go AuPair to make sure you’re working for a family that’s been vetted.

Work in a hostel

Working in a hostel is another good way to get your accommodation paid for (usually) and earn money on the side. “All the staff become like your family, the hostel starts to feel like your home and you are forever meeting awesome travelers!” writes one nomad who worked in hostels while traveling. There are many types of positions on offer at hostels, from working in reception to bar-tending to tour guiding. It’s a great way to meet fellow travelers and get to know the city in which you’re staying. To get started, look for jobs on Hosteljobs.net or read Hostelworld’s guide on How to find a job in a hostel and earn money.

Tutor or teach a skill

English is one of the more popular languages, but if you don’t have that in your arsenal, don’t let that discourage you. Look for an expat community in your hometown with young kids. Some families want tutors for their children to help them retain their traditions, language, and culture. Others like having English from someone who speaks their native language and can explain what words mean more clearly. One of the highest paying teaching jobs available in Vietnam is teaching swim lessons in expat communities. Be creative and think about some other topics you can teach beyond language skills: tutors are always in demand all over the world.

Become a tour guide 

Putting together a tour can be a lot of work, but it’s also quite lucrative. If you have a certain background or skill set, use that to your advantage. Think outside the traditional walking tours: are you a runner or cyclist? Plan a running tour of the city that takes you around the top sites while getting your guests in shape. If you know a lot about architecture or street art, plan a route that shows off a new side to your city. There are plenty of established companies to work with, but sites like Airbnb Experiences also make it easy to start up on your own.

Work as a translator

Translators are always in demand. “If you’re in a foreign country where native English-language speakers are needed, offer translation services. You can work with companies, contractors or individuals alike to translate for them,” writes career advisor FairyGodBoss. To get started as a translator you may need a certification, but also start posting your availability in Facebook groups. Word gets around quickly!


This article was originally published by SendFriend

About SendFriend:

In the aftermath of the devastating earthquake of 2010 that hit Haiti, our founder, David, was a young analyst at the Office of the Special Envoy to Haiti at the World Bank. He witnessed firsthand the resilience and strength of the worldwide Haitian community, as Haitians around the world sent home over $2 billion to support their loved ones in their time of need.

However, as Haitians stepped up their financial support, David saw money transfer companies charging more than 7% for people to send money home.

Visits to the Philippines exposed David to the global nature of this problem. As a student at MIT, he was inspired by blockchain technology and guided toward it by professors and technologists as a potential solution to the high cost of international remittances. The result was SendFriend, an international money transfer app specifically designed for money remittance to Philippines.

You May Also Like: The Simple Rules for Exchanging Foreign Currency


Featured Image Credits: Pixabay

  • Starr Forum: Bitcoin and the Global Economy
  • Paul Vigna & Michael. Casey: "The Age of Cryptocurrency" | Talks at Google
  • Bitcoin: How Cryptocurrencies Work
  • What Boards Should Know About Cryptocurrency & the Token Economy
  • What Are Bitcoins? How Do Bitcoins Work? virtual currency global financial market trading stock
  • Emerging innovations in fintech | Michael Casey and Tricia Kemp
  • Coindesk Chairman, MIT Educator Michael Casey On Blockchain & Bitcoin Solutions – Diva On The Block
  • The Danger of a Bitcoin Economy
  • Trading Gold vs Bitcoin: Friend or Foe? (w/ Roy Sebag)
  • Future of Banking: retail, payments, cybersecurity, risk, AI, blockchain. Futurist keynote speaker
«
»
Rating: 
Amazon Price: $27.99 $18.23 You save: $9.76 (35%) (as of January 15, 2020 12:53 pm – Details). Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on the Amazon site at the time of purchase will apply to the purchase of this product.

Bitcoin became a buzzword overnight. A cyber-enigma with an enthusiastic following, it pops up in headlines and fuels endless media debate. You can apparently use it to buy anything from coffee to cars, yet few people seem to truly understand what it is. This raises the question: Why should anyone care about bitcoin?

In The Age of Cryptocurrency, Wall Street journalists Paul Vigna and Michael J. Casey deliver the definitive answer to this question. Cybermoney is poised to launch a revolution, one that could reinvent traditional financial and social structures while bringing the world's billions of "unbanked" individuals into a new global economy. Cryptocurrency holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash.

Continue Reading…

  • Jim Rogers Discusses Global Risks and Investment Opportunities
  • Anti-Capitalist Chronicles: The Significance of China in the Global Economy
  • Who is winning the artificial intelligence race?
  • 1. Introduction and What this Course Will Do for You and Your Purposes
  • An Inside Look into the Hong Kong Protests & Uprising (w/ Joseph Cheng)
  • accounting 101, accounting overview, basics, and best practices
  • Learn to read Chinese … with ease! | ShaoLan
  • The 2008 Financial Crisis: Crash Course Economics #12
  • 10 English words that you pronounce INCORRECTLY | British English Pronunciation
  • Michael C. Jensen, conference at HEC Paris
«
»
Amazon Price: $175.00 $147.87 You save: $27.13 (16%) (as of January 15, 2020 4:35 am – Details). Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on the Amazon site at the time of purchase will apply to the purchase of this product.

This book is about internet finance, a concept coined by the authors in 2012. Internet finance deals specifically with the impacts of internet based technologies, such as mobile payments, social networks, search engines, cloud computation, and big data, on the financial sector. Major types of internet finance include third-party payments and mobile payments, internet currency, P2P lending, crowdfunding, and the use of big data in financial activities.

Internet finance is highly popular and heavily discussed in China. Chinese Premier Li Keqiang made the healthy development of internet finance a policy priority in 2014 state-of-union address. This book, as a detailed report on internet finance in China, will help readers understand the status quo and development of China’s financial system.

  • Recession Proof Portfolio (BULLETPROOF INVESTING STRATEGIES)
  • Warren Buffett reveals his investment strategy and mastering the market
  • My Long-Term investing Strategy Explained
  • Long Term Investment Strategies
  • Value Investing Is A Long-Term Strategy and Should Be Judged Accordingly
  • My 2019 dividend investing strategy for passive income 💸 Dividend Portfolio
  • Warren Buffett: Buying And Holding Index Funds Has Worked | CNBC
  • BUY AND HOLD INVESTING STRATEGY
  • Billionaire Warren Buffett: Top Tips For Investing In The Stock Market
  • Dave Ramsey Explains His Investing Process
«
»
Rating: 
Amazon Price: $42.00 $21.52 You save: $20.48 (49%) (as of January 14, 2020 11:38 pm – Details). Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on the Amazon site at the time of purchase will apply to the purchase of this product.

The stock-investing classic–UPDATED TO HELP YOU WIN IN TODAY'S CHAOTIC GLOBAL ECONOMY

Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio in the world.

Continue Reading…

  • Real Conversations: How the Smart(est) Money Invests
  • Download Efficiently Inefficient How Smart Money Invests And Market Prices Are Determined 101 PDF
  • Where's the Smart Money Investing Now?
  • Market Cycles – How To Spot & Follow the Smart Money
  • Understanding Smart Money Concepts – The Best Forex Training
  • How to Follow the Market's "Smart Money" | RagingBull Trading
  • Warren Buffett – How Anyone can Invest and Become Rich
  • How To Spot Smart Money Activities In The Financial Markets Without Hassle
  • Smart Money Exposed: Why You Need Level 3 to Beat the Best Traders | Fausto Pugliese
  • Smart Money Futures and Options Data for Analysis (Hindi)
«
»
Rating: 
Amazon Price: $46.95 $32.79 You save: $14.16 (30%) (as of January 15, 2020 8:26 am – Details). Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on the Amazon site at the time of purchase will apply to the purchase of this product.

Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money–and why they sometimes don't.

Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth–fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies–and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros.

Continue Reading…

Company Info

This website is a project by:

TNZ Web Solutions

TNZ Web Solutions is part of ZedBee Limited
NZ Companies registration nr. 5397562 (records)

Menu

Contact

3/12 Cypress Street
Tauranga 3110, New Zealand

Email

© 2018 Stephen Collie Enterprises