There are things small business owners can and should do to collect money they are owed by customers and other businesses. Debtor control techniques often used by collection agencies such as united recovery systems can be of help.
Whenever you issue an invoice for payment, you have become a creditor. As a small business, it is critical that you have a policy for money owed, such as those a collection agency like united recovery systems would have in place.
Establish a motivated and functional program to contact your debtors. Current technology affords a myriad of options for an online transactional banking experience. Make it easy for your debtors to settle their invoice with your company, either over the phone or online.
Collection Agencies like that of united recovery systems have well-documented, actionable plans for debt recovery. When a payment is late, don’t just send a letter but call the debtor as well. Be polite to your valuable customers and it may have been paid that day. Just give a friendly reminder of the payment that is due, and perhaps offer to take the payment over the phone using credit card or direct deposit.
It is important to have a policy and that you are prepared to act upon it. Have the collection agency mindset.
Managed properly, debt collection will demonstrate to your customers that you are an organized and professional business. Your relationship with the customer will improve. A quality relationship with your customer is, of course, vital for every business, big or small.