No matter which industry you belong to, debt collection happens in almost every business. They are a part and parcel of today’s business landscape. In today’s fast-paced and competitive world, businesses have more problems collecting payments from customers. Customers not clearing invoices on-time will negatively impact the cash flow of any company, leading to even greater challenges.
Here is how businesses like yours can make debt recovery easier.
Keep communicating constantly
- It is highly unlikely that the customer will pay you upfront on the very first occasion he receives a call from your office.
- It is crucial to keep the communication going, by talking to him/her regularly and listening to what the customer has to say.
- Constant communication will remind the customer that you are serious about the payment and want it soon.
- It is important to document everything that the customer has said.
- For debt collection conversations, it is best to take down notes about what was discussed with the customer in the present conversation, so that the conversation can continue from the same point where it was left.
- If the communication is via. email or message, it is best to keep a record of it.
Give options to the customer
- The ultimate goal of debt collection is to get the debt cleared from the customer as soon as possible.
- If a customer is having difficulty in paying the debt in full, try to work out a plan that will suit both you and the customer.
- For example, you can offer the customer monthly easy installments with a nominal interest rate.
Follow different modes of communication
- Repeated calling can turn off a customer, and may even anger him/her.
- It is best to mix calling with different modes of communication like email, SMS, reminder letters sent by post/courier, and others.
Hire a debt collection company in India
- The best possible solution to make your debt recovery faster and convenient is to hire a B2B debt recovery company.
- Hiring the best invoice collections company in India means you can completely depend on any professional company for debt collection from customers, while you and other teams can focus on other core business functions.
If you want to make the debt recovery process easier and less time-consuming, nothing better than hiring a renowned debt collection company in India like Kollecto.