Mon 22 Jun 2009
Small Business Tip of the Week: Collecting Debts
Posted by Megan Dorn under Small Business
Delinquent customers are part of doing business. When they fail to pay, your first step should be a polite reminder that payment is due.
The key is to make sure that you are playing nice. Say something like, “I see that you’re a little late on your payment. Is there anything we can do to help you out?” This gives customers a chance to explain the delinquency and let you know what their next actions will be, rather than feel threatened and become defensive.
June 22nd, 2009 at 12:22 pm
There are many technologies available that were not previously considered by many industries concerning debt collection.
I am in the credit card processing business and have found that many industrial/trade type businesses have chosen to accept credit cards, as their B2B and B2G clientele have begun to leverage their finances by using credit.
Additionally, they stand to upsell retail customers more easily.
For businesses accepting payment by check, electronic check processing is an economical means to verify funds and expedite payments, as well.