WISEMAN Final Demands are viewed by our clients as an effective bridge from in-house efforts to third party intervention. There are many ways a company can strategize use of our final demand program, though proper implementation can vary greatly from industry to industry.
Regardless of your business focus, establishing timelines with your clients and staying consistent with your messaging are proven pillars to getting balances paid while limiting the time, stress and dollars lost every year to bad debt.
Here’s how the WISEMAN Final Demand System can be used in conjunction with your in-house efforts to maximize leverage and ensure a successful receivables strategy.
* For more information on any of the stages, simply hover over the circles/boxes
*Click a Segment of the Flow Chart for More Information
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Balance
In-house Efforts
Your team will attempt to contact your client for 14 days to make payment arrangements.
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Contact Made/Promise
Broken On ArrangementsIn-House efforts to contact your customer were successful but the payment arrangement has resulted in a broken promise. It is important to set deadlines and act swiftly to maintain the sense of urgency.
In this case, your A/R team would immediately issue an in-house final demand.
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In-House
Final
DemandThis letter should carry a 7 or 10 day due date and demand that payment be made within the specified time-frame to avoid contact from your lawyer.
After breaking a promise to you once earlier, this letter will serve as the necessary escalation to determine whether or not your client is prioritizing you among their accounts payable.
Your customer is essentially getting another chance to fulfill their initial promise.
With a balance remaining on the due date of your in-house final demand, it is important to immediately contact us to issue a WISEMAN Final Demand.
By this stage, your client has broken a promise and ignored your in-house final demand (second chance).
The effectiveness of this system hinges on your ability to set deadlines and follow through by proceeding to the next step without delay.
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No Contact/
No Arrangements MadeAfter 2 weeks of internal efforts to contact your past due account, no positive dialogue or contact has been made.
This is a definite sign of trouble and action needs to be taken swiftly to assess exactly where you stand with this account before it is too late.
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Wiseman
Final
DemandFree of charge, the WISEMAN Final Demand is issued to the debtor with a 7 day due date.
A copy of the letter and fax confirmation is forwarded to our client to confirm receipt.
All monies received on or before the due date of the letter are commission free.
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Balance Paid
Commision Free -
Collection Stage
CommencesAt this stage, the debtor has repeatedly let you down. First, by breaking a promise (Strike 1), then by ignoring your in-house final demand (Strike 2), and finally, by neglecting to respond to your lawyer's demand for payment (Strike 3).
While this may seem like a negative outcome, you have effectively gauged where you stand on the debtor's priority list with strategic timing.
This is key in reducing your annual write-offs to bad debt because WISEMAN will become involved at the appropriate time.
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If you would like to discuss how to customize this system to your specific business needs, please feel free to contact us directly at 289-301-2799 (877-409-9724) or by email at info@wisemanlaw.ca