Invoice Recovery Definition
An invoice recovery is the process of retrieving payment for an invoice that has been issued but not paid. This can be done through a number of methods, including sending reminders, making phone calls, or hiring a collection agency.
The first step in recovering an unpaid invoice is to send a reminder to the customer. This can be done via email, letter, or phone call. The reminder should include the amount owed, the due date, and any late fees that may have accrued. If the customer does not respond to the reminder, the next step is to make a phone call. During this call, you will again remind the customer of the outstanding balance and due date. You may also offer to set up a payment plan if they are unable to pay the full amount at once. If the customer still does not respond or make a payment, you may need to hire a collection agency. This is a last resort option and should only be used if all other attempts to recover payment have failed.
