3 Steps to Prepare for a Post-Pandemic Debt Collection Strategy
Once the most dreaded thing hits you, you start fearing it less. And with the turn of the wheel of time, you start becoming hopeful and looking forward to the future. This is the current reality of the global economy right now. The world has been badly hit by COVID-19 and dealing with viral infection and increasing mortality rate in many countries. But at the same time, everyone is becoming acutely aware of the economic meltdown that is looming large. And that is why planning for a business in a post-pandemic world is becoming more and more relevant. You, as a business owner, need to think of new business debt collection strategies too.
We, Nelson, Cooper & Ortiz LLC, a reputed commercial collection agency based in Houston, are not only offering our services but also providing insights for such planning o. Take a look at the following points to know about what our experts have to say.
Differentiated Between Covid19-Related Debts and Non-COVID19-Related Debts
Yes, this is a necessary step for you to take. There can be some business associates who have always been reluctant to pay on time. The pandemic situation has become merely an excuse for them to dodge the payment. So, they are typically non-COVID19-related debts. And there will be clients who will be facing a genuine cash crunch due to business loss owing to the lockdown. Their debts will be classified as COVID19-related debts. You or the agency of collection agency services you are hiring must take care of these two classifications while dealing with debts.
Find Out the Genuineness
If a client is expressing an issue regarding the payment due to the pandemic, then find out how genuine the issue is. Whether the company is actually dealing with a cash crunch or not;or find out if given any other alternative payment method, they can make the payment or not. Use investigative approach and get clear facts.
Check the Company’s Capacity Before Further Dealings
As the pandemic has caused a global recession that is going to affect all businesses, it is necessary that you think of checking the capability of a company you are about to deal with. Find out their credit history, check their previous transaction history, and get the information on the financial foundation of the company. Hire the best collection agency in your city to do the job.
If you are in Houston, Texas, and looking for an agency that can help you with the debt management, come to us at Nelson, Cooper & Ortiz LLC. Call at (800)939-7213 today.