When running a service business the best decision I made was using a factoring service from Welles Fargo.
Big company might specify NET180 on a big contract and still not have remitted payment 200 days in. If you are a small company your recourse is to sue.
If you have a big bank handling accounts receivable they call on day 181 and tell the company that their credit rating is taking a hit for not making payment on time.
Payment gets made. Big companies like good credit ratings, they don’t like paying more to borrow money.
Seems like there is a market opportunity for artists to have a financial partner handle collections on their behalf.
