Owning a family-business is a special achievement. Getting to share time with your family as you work towards the same goals is a great way to bond. But as you most likely already know, owning a business isn’t easy, especially if it’s a start up or if there aren’t many resources available. Sometimes, you may lack staff and let payments fall behind a couple weeks because you don’t have people trained to collect debt or they don’t have the time to chase clients. If you own a flooring business and are struggling with collecting payments from past clients, let Southwest Recovery Services help you out. We have listed a couple tips to improve collection practices, as well as what we can do for your family-owned business.
Over Communicate with Customers
Before you begin a flooring project, make sure you communicate how much the services are going to cost. Don’t try to sugarcoat the costs either. Your flooring services are necessary and deserve to get paid the proper amount. Be clear about pricing from the start. Once you have completed the project, make sure you let them know when the payment is due and if it will all be due in one bulk.
We recommend sending a reminder that the bill is coming up, either by email or text. You could also send it by mail, but the costs of producing mail would add up quickly. If your clients have missed their payments, send them another reminder about their debt. If your clients don’t respond, give them a call. It’s a lot harder to avoid a call than it is an email or text. Don’t be afraid to over communicate.
Maintain a Good Relationship
Customer relationships are very important in the business world, especially for small businesses. The most effective form of marketing is word of mouth, so maintaining good relationships should be a priority. Money is a sensitive topic, so you need to know how to approach it. Be respectful and professional when collecting the debt. You want to encourage future services or get recommended to friends and family, so maintain respectful conversations.
Hire a Debt Collection Agency
The most efficient and cost-effective way to collect debt is to outsource to a debt collection agency like Southwest Recovery Services. Our agents are professionally trained to work with all types of customers and scenarios. They treat each client with respect, because we understand how important a reputation is for family-owned businesses. Our team follows all state and national regulations and rules for ethical debt collection practices such as these:
- Health Insurance Portability and Accountability Act
- Fair Credit Reporting Act
- Bankruptcy Laws
- Fair Debt Collection Practices Act Certification Class
- American Collectors Association Rules and Regulations
We use every available strategy to collect what is rightfully yours, such as oral and written communication, credit reporting, and legal action if need be.
Southwest Recovery Services
If your family-owned flooring business is struggling with collecting payments from clients, get in touch with Southwest Recovery Services. Our team will get started on the collection process as soon as you give us a call!