Virtual Paralegals: Reduce Late and Non-Payments

Every business owner has had experience with late or non payments from their clients and customers. This has caused some business owner to fall behind on their bills, payments to suppliers and even default on their business loans. Some are forced to file bankruptcy while others have to close their business. There is no one method on how to prevent late or non-payments but below you will find some tips on how to reduce the problem.

• Always get your contract in writing.

• Add a penalty to late payments and an incentive for early payments.

• Request a down payment for the first half of the assignment and the balance at the completion of the assignment.

• Standard billing cycles are 30-60 days. Since this is not the law you may consider shortening your business cycle to 15-21 days.



• The Ultimate Virtual Paralegal Guide