If you own a business, then you must already know about the various tactics a debtor use in order to avoid making the payment. They will just keep on making excuses, while there are some who will completely avoid all kinds of communication with you. This is the reason why it is always recommended to get in touch with an agency before it is too late. However, then also, your default payers might try to fool you and continue with their habit of not paying.
To beware of them and avoid such situations, this is the article you must read.
Do not Negotiate on Your Own – Remember that you have already hired a commercial collection agency to do the negotiation for you. If you take the calls of the debtors, who possibly are threatened after they have been communicated by the agency, and do the negotiation yourself, then the sole purpose of hiring them would be wasted. This is actually again one of their tactics to delay the payment or not to pay at all. If there are reasons behind them not paying, then also the agency would find them out and grant them a discount or a time extension.
Do not Get Fooled by Fraudulent Pay checks – On the other hand, there would be customers who would contact you directly and just drop in a check or hand you over a check! You might become elated only to find out that the check is a fraudulent one or has bounced. Embarrassing, right?! This is the reason why you shouldn’t come in between your agency and your payers.
Learn to Empower the Agency – Also, learn to empower the agency you have chosen for commercial debt recovery. Give them their space and let them take care of it all. If you do not provide them with the necessary information and the truthful data, then they wouldn’t be able to roll out a good collection plan. The process would get delayed if you do not collaborate well. You need to work with them and communicate well so that the accounts are recovered at the earliest. Learn how to empower the debt collection firm, so that even they are confident about the strategies and techniques they adopt. At the end of the day,
If you follow all of these tips, then trust me, you will be able to avoid the debtors who are not willing to pay and use several excuses to delay the same!
And here are a few more tips for you.
- Research well about the agency before hiring them. If you have any query in your mind, do not hesitate in asking them.
- Read a lot about debt collection agencies. You can follow my blogs and articles on the same.
- Analyze the payment pattern of each debtor, before discussing about them with your agent.
- Do not take any strict steps such as calling the lawyer in the first place as this might just complicate the scenario even more.
Was this helpful for you all? Then let me know. Thank me later!