Dealing With Deadbeat Customers

I saw a job posting for a "Collections Specialist" this morning and it got me to thinking about dealing with collections after product has shipped or installations have been completed.

In a previous company, our head of finance had a guy that was really good at collections, actually managed to get someone's car repossessed as collateral. But most of the time it was a long process of trying to chase people down or negotiate terms.

How does your company deal with collections, and is it a common thing with dedicated people chasing customers down, or a more occasional problem with only a few accounts? What's your strategy to get past-due accounts collected?

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