A strong in-house credit and collection process is key for any business. It not only minimizes losses but provides the most control over your account receivables. In some cases, it may make sense to seek outside help to collect. Here are some good guidelines to follow when it comes to making that choice. 
How long should you wait?
It’s important to always give your own in-house credit and collection process time to run its course. A strong in-house system can drastically minimize the need for an outside collection agency and help you retain all of the recovered money. An appropriate collection timeline may take anywhere from 3-4 months. If payment has not been made at that point, the customer has shown they likely do not intend to pay, and you may want to consider outsourcing to an agency. This is not cut and dry though and it can vary from case to case. The important thing to consider is that you want to spend your time most effectively so if you have a lot of newer cases to handle, it may be time to let this one go.
Click Here to Read the Rest
SOURCE IBPI
