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There have been quite a few complaints from publishers aboutlate or non payment from distributors and book stores. Some havestopped sending books to large distributors because of past dueinvoices, some over 180 days old. Part of the problem is noresponse, it is bad enough when you are not getting paid, butwhen orders keep coming in and you are not getting anyacknowledgement to your collection efforts, you just can't keepsending books, says one publisher. There are steps you can take to get paid on those past dueinvoices and keep new invoices current. Step #1Gather together all the past due invoices, and stampthem PAST DUE. Step #2If you have an email address or phonenumber with a contact name for your client, email them or callthem and give them the information on the past due invoices andlet them know their account is on hold. Step #3Mail theinvoices to your client with return receipt requested or sendthem in a flat rate Priority Mail envelope with deliveryconfirmation. Using the large colorful envelope is a great wayto get your information to the top of the pile. Who do you knowthat doesn't grab the big Priority mail or Fed Ex envelope outof their mail pile to open first? Step #4Send a letter withthese invoices stating the age, invoice numbers, their PO#, youraccount #, total amount due, and any other pertinentinformation. You may want to request a proof of delivery orprint off the delivery confirmation information from the web tosend with the letter. Step #5Tell them their account is on holdand you will not be shipping any more products or providing anyservices to them until these invoices are paid. You can includea self addressed envelope and state that you have enclosed anenvelope for them to send their check. Give them a date, to havethis paid to you. Once they have received the package, email or call them. Askthem what they are doing with the invoices. Ask them questionssuch as: Do they have to be approved by someone else? If they have to beapproved, who has to approve them and when will they give themto that person? Get that person's direct number if possible.Find out if that person signs the checks. Are there anydiscrepancies with the invoices? When will the check be cut?When can you call back for the check number? Once all the past due balances are cleared up, you need to thinkabout future invoices. Do you want to extend credit again or doyou want to have pre-payment or payment at the time of theorder. Whatever you decide put it in writing. If you can bothsign the agreement, that is even better. Remember, having acredit policy in place tells people you mean business. Some authors will only ship on a pre-paid basis to bookstores ordistributors they have had payment problems with. It is up toyou to decide is it worth it to keep shipping books when you arenot getting your money and then having to spend time (which ismoney!) chasing your money? Is it worth losing the money to haveyour book out there and being seen by someone? Most smallpublishers and authors are desperate for a sale or for interestin their books, and usually that is how they end up in thissituation. It is my opinion that distributors and book stores oranyone else who wants to purchase my books, needs to pay forthem in a timely manner just as they would to a large publishinghouse. When you sign a contract with any distributor orbookseller, make sure you are happy with the terms. Be sure topay close attention to how your payments start coming in, ifthey are on time and in full or late and have deductions orerrors. The sooner you correct anything that is not correct thebetter. Don't just accept 120 day terms from someone because,that is their standard. You can accept their terms or tell themyours and be in control. You can certainly meet them halfway,but if receiving your money late is going to cause you to losemoney, don't do it. |
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