Issue link: http://psai.uberflip.com/i/1160801
W EEKLY EDITION AUGUST 21, 2019 G et ti ng Pa i d : Part I I H ow t o Ma ke Col l ect ions Ca l ls By Karleen Kos, PSAI Executive Director …continued from page 2 So what can you do? Here are some suggestions, which we have gleaned from some of the best writing on the topic as well as the input of portable s anitation leaders at past round tables on this topic. UP FRONT PAYMENT DECISIONS AND CUSTOMER COM MUNICATIONS One size does not fit all when it comes to contracting with customers. Still, there are some practices that make it far more likely you'll collect what is due to you. • Get the data, and then decide. When taking on a new customer you should ch eck the company's credit rating and payment history. This costs about $62 at Dun and Bradstreet or as little as $15 from other sources. You might not do a credit for a one - time weekend rental, but it makes sense to do them with companies who will be long - term customers. What you learn from the credit report will allow you to tailor your bid and your terms to account for their likely payment behavior. • Use a rental agreement and communicate proactively . We strongly recommend using a rental agreement to spell out the terms of your service, what is expected of both parties, and how things will be handled between you if something goes wrong. Before agreeing to provide rentals and service, make sure that yo ur customer is fully aware of projected costs, things for which you charge extra, and what happens if your equipment is damaged or stolen. Ensure that you take time to answer any questions. Having this clarity from the beginning will help strengthen a cust omer's trust in your professionalism, increase their respect, and heighten their commitment to paying the full amount. Then if anything changes along the way, alert your customer in real time so there aren't any surprises when the invoice is issued. • Use a separate payment agreement. Have a payment agreement – separate from the rental agreement - for credit and payment terms that can be tailored to your customer. This allows you to offer discounts for up - front or early payments, change your rental rate for companies that will pay late to account for the cost of the delinquency, and to include delinquency penalties that are tailored to the customer. P AGE 14 CONTINUED ON PAGE 1 5