Debt recovery might be an unpleasant but important task of doing business.
It is necessary when clients and customers don’t pay up. The most important thing to remember to get your money is that if you do it right, you might not need a debt collector whatsoever.
One of the things with debt recovery is that in theory it seems pretty straightforward, but in practice it can be overwhelming. One of the challenges with debt recovery is that your staff often doens’t know how to go about it. Having standartized procedures helps your employees, and speeds up the recovery of debt.
Here are our top 3 tips for recovering debt:
Debt Recovery Tip #1: The sooner you send the bill, the sooner you will get paid. Don’t wait!
Debt Recovery Tip #2: The best way to recover debt is to not have any! Develop a culture of more sales, but less credit sales.
Debt Recovery Tip #3: Only 20% of court orders ever result in full payment. Try to resolve issues out of the court room, sometimes being kind, civilized and understanding goes a long way.
Do you know what is the ONE single legal file that make clients pay sooner? It’s the letter of demand. Find a free sample here.
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