How to Get to the Right Person to Collect Outstanding Debts

executive ladderThe process of finding the right person to collect outstanding debts can be challenging.  Oftentimes it varies on the size of the company and how far up the ladder you must climb.

In the case of a very small company, chances are, you would have your conversation with the owner.  As companies get larger, this becomes much more complicated.  With a large company, you probably made your agreement with someone in a procurement department or a sales person, and you wouldn’t have the slightest idea who or where you would get your money from.  To eliminate this from happening, it’s a good idea to find out at the time that you are making the sale who cuts the checks and who would handle problems, if one ever did arise.  It’s easier to get this kind of information when you don’t have a problem at hand, than when you really do.

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Your Customer is About to Become a Bad Debt

piggy bank _manThere are many reasons that can lead your customers to a situation where they have bad debt. Sometimes, circumstances are beyond their control. Their business could be failing, a new competitor may have joined the marketplace or even a natural disaster could do damage to the business.

Here are a few signs that your customer is treading water and heading toward bad debt:

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Time is the Weapon of the Debtor

time_ weapon of debtorAs we stated in our last blog, time is the weapon of the debtor. The longer you give your customer to pay, the less likely they are to pay.

If you don’t collect unpaid debts from your customers, you will pay the consequences. If it’s not important to you to get your money, it’s not going to be important to your customer to pay.

Here are some steps to help you avoid unpaid debts:

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Top 5 Benefits of Working with a Commercial Collections Debt Management Company

timeTime is the weapon of the debtor.  The longer you give a debtor to pay, the less likely they are to pay.

Research indicates that the chance of collecting a debt decreases 12% per month for every month delinquent.

Once you come to the realization you are unable to collect unpaid debts on your own, it becomes time to enlist a debt management company.  A collection agency can get money that you (the client) can’t get.

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My #1 Tip for B2B Collections

#1Many times employees are so interested in making the sale that they don’t think through how the customer is supposed to pay.  They’re afraid if they bring up the terms of payment that they’re going to scare the customer off, and so you’re stuck with unpaid debts. In this blog we’re going to discuss a few ways to avoid being a victim of the same, all too familiar, situation.

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