Statistics show that an invoice over 60 days has only a 70% chance of being collected in full; 90 days 45%; and after 120 days 20%. How do your results compare?

Usually, it means that there is some sort of unresolved problem with the invoices - taxes, freight, etc. If the customer was properly vetted on the front end, having a high level conversation (CFO- or Controller- to CFO- or Controller-) will get the invoice issue resolved quickly. My results are much better.

Our experience has not found that to be true. It is important to keep up on collection efforts such as statements and phone calls. Many times it is a missed invoice on their part and I approach the call first with asking them if they need further information to pay the invoice. I believe it also depends on the industry and what is a normal payment time. You can set your terms but customers will follow the norm.