Debt Collectors get asked this question nearly everyday and what a GREAT question!
When is the RIGHT TIME to call in the Debt Collectors? You don’t have to feel like the guy in the picture, especially when you have customers who ARE NOT PAYING YOU.
There is always a SOLUTION…
I know it’s FRUSTRATING and ANNOYING when customers owe money. You have accounts to pay yourself, right? Knowing when the right time to call the debt collector really helps. Debt Collection is used as a tool to collect OR prevent outstanding accounts in re occurring.
Every business has different needs so it’s best to get the right advice for your business needs.
- Your overdue accounts can be handed over as soon as your customer(s) are in arrears with your trading terms.
- No need to send a reminder to your customers. Although morally, I feel it works better in your favour. Many businesses give their customers too many chances to settle their accounts. (we hear it everyday). I’m sure you have experienced this, right?
- Our recommendation for all businesses is to have a monthly plan of action to collect your outstanding accounts.
- “If you fail to plan, you are planning to fail.” (Benjamin Franklin)
- Here are some red flags to remind you when to take action. Broken promises, disputes that never end, not returning your phone calls or correspondence. The worse one would be, withholding payment whilst there is a dispute.
These are all RED FLAGS.
By having a simple procedure in place + taking action monthly = Results in getting paid faster.
While every business is different and may have sensitivity depending on the type of industry they are in. You can still collect your outstanding accounts professionally and efficiently.
If you’re not sure where to start or would like some advise please reach out to me either via an email; firstname.lastname@example.org OR
BOOK A FREE 15 MINS Consultation with me. https://calendly.com/app/availability/schedules
Talk soon… Sonia