The strategies adopted by a business when collecting debts impact not only on the profitability of the business, but also the brand and reputation of the business. This article looks at both good and bad debt recovery strategies and when it is best to hand bad debts over to a professional. Poor debt collection strategies […]
Every Accounts Payable department knows that there are two types of debtors: those who won’t pay and those who can’t pay. Identifying where your debtors lie will save you a great deal of time and money when trying to recover debts. Won’t Pay vs. Can’t Pay If a client won’t pay, your debt collection efforts […]
No matter the industry, debt collection is an essential part of business. The proportion of overall revenue that is written off as bad debt is significant. . A comprehensive debt collection strategy will ensure your business maximises return for efforts. Below are the main reasons for having a comprehensive debt collection strategy in place. 1.Cash […]
If you have exhausted all other avenues trying to recover a debt that is owed to you or your business, you may want to explore the option of collecting the debt through the courts. Obviously, it will depend on the amount you are owed, but attempting to gain a judgement from a court of law […]
It doesn’t matter how small or large your business is, it is always important to keep control of your debt collection and ensure that your cash flow is maintained. Without cash flow, your business can become quickly constrained and you will struggle to maintain daily operations not to mention inhibiting your business growth strategies. That’s […]
Many businesses testify that, despite their very 2 of the Best Ways of Collecting Debt from non-paying or slow to pay clients, bad debts are a reality. When a business offers credit to its customers it is almost inevitable that some customers will allow their accounts to remain unpaid past their due date. However, businesses do […]
In all areas of business, thorough follow up is essential. From establishing relationships with clients and pursuing new leads to nurturing partnerships and possibly chasing up outstanding debts, successful businesses follow up with their clients and engage with relevant partners, such as debt recovery services, on an ongoing basis. So, why is follow up […]
There are few things more perilous, frustrating and difficult for a business than its customers failing to pay for products and services that have been provided on credit. Particularly in difficult economic times, when cash flow is reduced and a business is subjected to an extensive range of financial pressures, trying to recoup funds […]
For businesses that extend credit to their customers, late payment or complete failure to pay is a reality. While there are many reasons why debtors do not pay, no business should willingly accept that these accounts should be written off without proactively implementing strategies to try to recoup funds. Of course, debt recovery services […]
While it is difficult to imagine a business operating without offering credit to customers, maintaining a healthy cash flow is essential for a business to thrive. The availability of ready cash is crucial for ongoing commitments and further growth. Encouraging prompt payments from customers will ensure a timely turn around of cash within […]