Construction subcontractors are using a new video-on-demand from the Foundation of the American Subcontractors Association to better understand the risk of slow- and non-payment and how and when to send a customer to collection.
Construction subcontractors are essentially creditors, because they provide labor and materials on credit for a promise of future payment. In the construction industry, however, many subcontractors and suppliers do not routinely get paid promptly — and sometimes not at all — for their work. Yet, the decision to send a customer to a collection agency is a difficult one.
In the video-on-demand, “Collection Strategies for Subcontractors” (Item #8064), presenter Robert Andreu, Hunter Warfield, Tampa, Fla., illustrates why and how to design an in-house debt collection process and explains key steps that subcontracting firms can take to accelerate the collection of past due debts. The author of “Eight Key Steps for Selecting a Revenue Recovery Agency” in the September 2013 edition of ASA’s The Contractor’s Compass also explains how technology impacts debt collections.
“Collection Strategies for Subcontractors” is $65 for ASA members and $95 for nonmembers. This and other on-demand videos are available through FASA’s Contractors’ Knowledge Depot.
For more information, visit www.contractorsknowledgenetwork.org.