The Do’s and Don’ts of Debt Collection

Collecting debt is important for any SME, one of the most exhausting and laborious tasks which every organization must face to run a business effectively. Neglecting those due accounts can impact your cash and can place your business at risk. So, if you’re new facing a debt collection situation and have no experience in dealing with debt, here are few do’s and don’ts in the world of Bad Debt Collection.

Do Be Organised

As per the experts of 3rd Party Debt Collection agencies, while collecting the debt you need to be organized, send your debtors a friendly reminder a week before payment is due or your bills are unpaid. As soon as a payment is late, collect your debt in a polite manner. Contact the debtors regularly to encourage prompt payment and to ensure you and your team are speaking with the correct people.

Don’t Go Round There With A Baseball Bat

We know that it is not easy to handle a company or person owes your business money. Especially when you were under the pressure of maintaining a good working relationship. In a situation like this, it is recommended not to get aggressive, if it gets too much, uses stress ball but behaves politely with the debtors. Read more...