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Useful Tips for Speedy Debt Recoveries

Debt recovery is essential for the growth, revenue generation, and of course cash flow for any business, small or large. Without debt recovery, a business would not function smoothly. However, debt recovery has its own limitations. Here are the reasons why debt recovery has become a thing of concern for organizations.

● There are several restrictions placed by the local Governments to protect customers from facing hardships during debt recoveries.

● There is strict regulation on debt collection practices. Considering so many rules and regulations for debt recovery, how does a business maximize and speed up debt collections? Here are some useful tips for speedy debt recoveries by a renowned B2B debt recovery company named Kollecto. Segregating your customers

● At the core of debt collections is segregating your customers based on several parameters like payment over by how many days, reason for non-payment, debts, industry, last payment date, amount due, etc.

● Segregating customers helps to identify the top-priority ones which can be contacted earlier.

● For this purpose, it is best to invest in a CRM tool which can give you the entire debt collection information on a single page. Act quickly

● When it comes to bad debtors, procrastination means more delayed payment.

● Your accounting system should be able to flag overdue payments even by a single day.

● It is best to give a gentle reminder call to the customer 1-2 days prior to the payment due date.

● Many businesses make the mistake of acting late in case of bad debtors.

● It is important to act quickly and not let the customer treat your business as an interest- free money source. Hire a recovery company

● Want to make the customer realize that you are serious about chasing your debt? Employing a professional and expert debt collection company in India is the best way to do it.​

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