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Just as the buyer follows up his orders, the seller keeps an eye on his customers' unpaid invoices.
When a customer fails to pay his debts on time, the seller sends him a reminder. If necessary, the reminder is followed by increasingly urgent collection letters (or: dunning letters).
Should the customer fail to respond to these letters, steps have to be taken to collect the account. This may be done by entrusting a collection agency or bank with the collection, or by bringing legal action against the debtor.
Collection agencies are commercial establishments specializing in the collection of bills. (Inquiry agencies usually are collection agencies at the same time.)
Collection through banks is effected, in most cases, by means of a sight draft. The creditor draws a sight draft on the debtor and hands it to his bank with instructions to pass it on to the debtor's bank for presentation for payment. Although the debtor cannot be forced to pay the sight draft, he will usually honour it if he is able to do so, as he knows that his refusal to pay will give the banker notice that he is in financial difficulties, with the result that the banker will demand repayment of outstanding loans and refuse to grant the debtor any new loans.
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| I. British Representative of German Company Complains of Repeated Delays in Delivery | | | Reminders and Collection Letters |