It is without a doubt that even the best credit manager will need the services of a reputable debt collection agency at some point in life. In fact, every credit provider is eventually going to work with a debt collector. However, before you decide to take this route, you might try to collect the debt by yourself first. If you do, then you are definitely going to require the help of an expert. In this post, we are going to examine 3 basic debt collection tips that can help you big time.
Ø Take Immediate Action
Debt collection needs to start immediately payments become due. Actually, this is one of the main reasons why a debt collection agency such as Bonneville Collections has a huge audience. With their ability to start the debt collecting process as soon as you contact them, it will prove quite easy for their agents to recover a debt. If you want to get something out of your debt collection quest, you should consider calling or emailing the customer and request for payment on the last day of your credit terms. This action is aimed at making sure you know why the customer is late with his repayment plan. Never wait before beginning your collection effort.
Ø Impose a Late Fee on Your Invoices
If you want to avoid a bad debt, it would be better to charge a late fee on your invoices. Tell your customers the consequences they might have to deal with if at all they fall back on the repayment plan. Try advising them regarding the interest or recovery free for any late payment. Through this action, the customer is not going to be late with the payments. What is even more fascinating is the fact that it sends a strong message to all you customers about your firm credit practices.
Ø Be Persistent
Have you ever had the chance to work with Bonneville Collections or any other reputable debt collection agency? If yes, then you already know how persistent they are when collecting the debt. This is exactly what you need to do when going solo since one phone call or email is never going to get you paid. However, this does not mean you should be unfriendly when making a phone call. Simply follow all the guideline put in place by ACCC or any other governing body. It would be better to have a system that sends automatic emails or phone calls.
The Bottom Line
These are just but some of the actions you need to take when collecting the debt yourself. If things are not going according to plan, you should opt for a debt collection agency. Make sure you look for a reputable agency to work with as they are definitely going to guarantee satisfaction. A good example of such a company is the renowned Bonneville Collections. Get in touch with them today and find out more regarding the services they have to offer.