7 Aspects of a Successful Debt Collection Process in 2020
Every business, big or small, needs its cash flow to be in tiptop shape if it has any growth ambitions. A significant part of that cash flow strategy should be a debt collection process. A successful process is vital for the recovery of bad debt. Although, his can be a touchy subject for both creditor…
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Monday, 22 June 2020
5 Things You Need to Know about Debt Collection Agencies Before Hiring a Debt Collector
When it comes to debt collection, no one wants to end up in an awkward situation! Many businesses face the prospect of debt collection on a daily basis, whether it’s an unpaid bill of a hundred dollars for goods sold or thousands of dollars in services rendered.
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Friday, 15 May 2020
Debt Recovery During COVID-19
You may have heard of recent changes to bankruptcy and insolvency laws due to COVID-19 and be asking yourself, can I still recover debts owed to my business during this time? The answer is yes. In fact not only can you work with a debt collection agency to proactively manage debt collection
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Monday, 5 November 2018
When To Collect – And When To Forget – A Debt
Dealing with issues of late payment for your goods or services is not an uncommon situation in today’s uncertain economic conditions. After all, we all face a multitude of obligations, and some debtors may not be able to meet all of these immediately.
Read More5 Reasons Stopping You From Hiring A Debt Collector – And Why And When You Should
Collecting debt is not easy. As a business owner, you’ve got your business to run, and dealing with unpaid invoices on top of that can be a drain on time, money and, ultimately, your patience. Simply hoping that the debtors will eventually pay up is not an option – while you wait, their debts may…
Read MoreHow to identify customers who won’t pay
Offering credit as a payment option can open your business up to new customers. However, when offering credit, you are essentially financing your customer’s business while taking risk on yourself. To safeguard your cash flow, it is important first to do your homework and ensure your prospective customer is worthy of credit. There are many…
Read More5 steps to getting paid more quickly
Getting paid on time is a common point of pain for many small business owners, especially those who are just starting out. It doesn’t matter how many sales on credit you make, at the end of the day, money not yet received won’t put bread on your table or keep your business afloat. You’ve got…
Read MoreTips for setting up your trade terms and conditions
You’ve got your big idea, your products or services are ready to go, and there is certainly interest from potential customers. As a small business owner about to launch operations, one of the top tasks to check off your list should be setting down your terms and conditions. Terms and Conditions (T&Cs), sometimes known as…
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Monday, 28 May 2018
Why Record Keeping is Important to Collecting Debts
Despite what many people think, debt collection does not have to be costly or painful. Good debt management involves adhering to appropriate contact practices, respecting the debtor’s privacy, and, crucially, keeping comprehensive debt collection records. It may be tempting, especially if you run a small business or work with just a few big customers, to…
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Tuesday, 21 November 2017
When to Hire a Collection Agency & How To Lodge a Debt
When your client hasn’t paid that invoice you sent out months ago, you may be wondering… what now? The payment is really late, and you, as the business owner, cannot afford for it to go unpaid any longer. Perhaps you’ve tried to make contact with your late paying customers several times, to no avail. When…
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