Debt Collection over the past few years has changed dramatically. Keeping up with changes to the legislation, plus the introduction of the debt collectors guidelines and the recent updating of the Privacy Act means we all have to adapt and keep pace with these. This doesn't just affect debt collection agency's, businesses are expected to know and understand these law's and abide by the same guidelines when collecting their own debts.
Changes in technology have also been massive and I don't wish to show my age but the introduction to internet banking has made a remarkable difference to the way people are able to pay. However, they still have to make the effort to do this and sometimes this is where the frustration of getting debts paid comes from.
The constant following up on customers to pay their bills can get any business person down. Honestly, we often have the same problem, all businesses have to chase clients up to get paid at some time and we are no different. We completely understand how it feels to be waiting on money.
Having outstanding debts stifles cash flow and upsets the balance of your business and I know first hand how that feels.
The quicker you get onto your debtors the better chance you have of collecting the full amount of the debt.
One thing I have learned is that the quicker you get onto your debtors the better chance you have of collecting the full amount of the debt. Leaving money outstanding for too long is a big mistake, often business owners are afraid of upsetting a customer by asking them to pay up. This can lead to a poor relationship between you and resentment can set in, waiting for money that is owed months after a job has been done is unfair and unjust.
Take Action Now and Get your Debts Paid Back, don't leave your debt collection to chance.