When it comes to collecting outstanding invoices, many business owners feel like they are walking on eggshells. They don’t want to come across as too aggressive and scare away potential customers, but they also need to be firm to get the money that is owed to them. In this article,… Read More »How to Effectively Contact Debtors: Friendly Yet Assertive Strategies
Consumers are well-protected when it comes to debt collection. One of the most rigorous rules in their favor is the 7-in-7 rule. This rule states that a creditor must not contact the person who owes them money more than seven times within a 7-day period. Also, they must not contact… Read More »The 7-in-7 Debt Collection Rule: What to Know and Ways Creditors Can Work Around It
If you’re like most small business owners, you’re always looking for ways to improve your accounts receivable. You know that getting paid on time is crucial to the success of your company, but sometimes things fall through the cracks. That’s where debt recovery services can help. Debt collectors have a… Read More »5 Ways Debt Recovery Services Can Improve Your Accounts Receivable
When it comes to collecting on debts, it’s important to understand the psychology of the debtor. People are more likely to pay their debts if they feel like they are in control, so it’s important to be respectful and understanding when negotiating with them. You should also be clear about… Read More »How to Negotiate with Debtors: Psychology-Based Techniques that Work
Do you have debtors who just don’t seem to want to pay you what they owe? If so, you’re not alone. One study estimated the total of unpaid invoices equated to about 5 percent of the US GDP. (About $825 billion!) Many businesses struggle with getting debtors to pay up.… Read More »Behavioral Trends of Debtors: 4 Factors to Know When Trying to Collect
Business-to-business (B2B) collections can be a daunting task. Trying to get payments from other businesses is often harder than trying to get payments from consumers. However, there are tactics that you can use to help boost your B2B collections and make the process a little bit easier. In this blog… Read More »7 Tactics to Help Boost Your B2B Collections
It seems like a no-brainer that your business needs to keep up with who its debtors are. But poor record-keeping is a reality of the business world, and it can really come back to haunt you when it’s time to collect on payments due. In fact, one study found that… Read More »How Debtors Think: Get This and Get Paid!
According to a report by the Small Business Administration, over 30% of invoices are paid late. This means that millions of dollars in invoices are overdue each month. Late payments can have a serious impact on businesses, especially small businesses. When an invoice is overdue, it can put a strain… Read More »How to Not Get Paid: 6 Missteps to Avoid When Collecting On a Debt
If your business is owed money by a company that has filed for bankruptcy, you may be wondering what to do next. This can be a difficult situation, but there are steps that you can take to protect your interests. In this blog post, we will discuss what happens when… Read More »What to Do When a Commercial Debtor Goes Bankrupt
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