Due to the numerous variables in our economy, many of our clients have been inundated with increased aging of their accounts receivable. Alarmingly, many of these slower paying organizations have proven to be long term or preferred customers, the type of customers our clients hope to do business with once they bring themselves current.
It is for this reason that Lockhart, Morris & Montgomery, Inc. has recently implemented a system offering diplomatic recovery efforts. We initiate recovery of these claims in a diplomatic fashion. Such results are managed as follows:
We understand that this type of claim is sensitive in nature, and must be managed with the greatest of care. It will be handled professionally so as to maintain a good working relationship with the customer. In some cases this system has improved the client/debtor relationship. Once your debtors become current with you amicably, they may still have debt issues with your competitors rendering them unable to conduct business with anyone but you.
- We initiate contact as a neutral arbitrator, seeking an amicable and constructive resolution.
- We approach the debtor, notifying them of our current audit for your company in an effort to determine the status of your receivables. We use inquiries to verify the balance owed and their method of compensation.
- If payment is not received, we then uncover the problems resulting in non-payment and attempt to mediate resolution of the aforementioned problems in an effort to satisfy their indebtedness to you.
- If a more intense avenue is required at that point, we will discover assets that the debtor can employ to secure the funds necessary to satisfy their obligation with you.
- With this collection approach we will work hand in hand with you in an effort to keep you advised on such sensitive account needs.