As we grow, I’m getting really tired of all the late payers and non-payers. I posted a thread about collection agencies last week and we’re not showing any mercy going forward. We found a good collection agency to work with and we won’t be losing any sleep over sending the deadbeats their way.
Before it gets to that point, we’re going to start charging late fees to “encourage” customers to pay in a timely manner. Your credit card company, landlord/mortgage holder, cell phone carrier, and electric company all charge late fees if you’re even a day late. Why can’t we? We can, we’re just often afraid to anger the customer out of fear of losing them. If they don’t take paying their bills seriously, do you really want them as a customer anyway? I know I don’t.
Anyone out there charging late fees with great success? i.e. You’ve noticed your accounts receivables getting better, less office time spent “reminding” people to pay their bills, etc. I’m not looking at this as an additional revenue source, but more of a motivator to pay on time and avoid the late fees.